Exploring Alternative Economic Theories
Learning Objective
I can compare and contrast different alternative economic theories.
Lesson Flow
Watch Video
Economic Schools of Thought: Crash Course Economics #14
CrashCourse
Guided Notes
Key concepts students will learn:
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Adam Smith's book, The Wealth of Nations, introduced the idea that individuals pursuing their own self-interest could inadvertently serve the common good, and he advocated for free trade.
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Karl Marx and Friedrich Engels argued that history was driven by conflict between workers and property owners, leading to a stateless, classless system called communism.
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John Maynard Keynes challenged classical economics by arguing that market economies don't self-correct quickly and that government intervention through monetary and fiscal policy is sometimes necessary to increase output and decrease unemployment.
Practice
3 questions • Multiple choice & Short answer
Exit Ticket
“Compare and contrast Keynesian economics with the Austrian School of economics. What are the core beliefs of each, and how do they differ in their approach to government intervention in the economy?”
Teacher Guide
Get the complete package:
- Answer keys for all questions
- Differentiation strategies
- Extension activities
- Printable student handouts
