Like some religious order, Economics has generally nine different schools of thought and a brief scope of them is shown below:
The Neoclassical/Austrian school has been instrumental in promoting “free” markets; minimal government regulation and privatisation of national assets. This is the legacy of the Reagan era. Now largely discredited with the 2008 meltdown. But many are still heavily focussed on econometric model building that has little to do with reality.
For developing economies, the developmentalist is most suited and there is a great need for more research and findings on issues, challenges and solutions for developing countries. Neoclassical school reigned supreme over last 40 years with abstract models and views.
Reference:
9 Schools Of Economics Explained On A One-Page Cheat Sheet, Tyler Durden, Zero Hedge (https://www.businessinsider.com)
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