Of economic theories.

Abstract

The article provides an overview of major economic theories that have shaped global policy and development paradigms, from classical liberalism to Keynesianism and modern heterodox approaches. It examines how these theories address core issues like resource allocation, market behavior, and the role of government intervention, contrasting their prescriptions for growth, stability, and equity. The discussion highlights the enduring influence of thinkers such as Adam Smith, John Maynard Keynes, and Karl Marx, while also critiquing the real-world applicability of their ideas in contexts like globalization and financial crises. The piece underscores the dynamic evolution of economic thought and its implications for contemporary policy-making in both developed and developing economies.