Part 8/9:
Institutional Economists argue that government and institutional frameworks play a crucial role in mediating economic processes and achieving equitable outcomes. They often emphasize adaptive strategies to address issues such as unemployment, factory safety, and wage laws, showcasing how economic principles are intertwined with politics and social values.
Conclusion: A Complex Landscape
Understanding the different schools of thought in economics reveals a landscape filled with competing ideologies on market behavior and government intervention. Classical and Neoclassical economists advocate for minimal intervention, favoring the natural self-regulating capacity of markets.