Michel Ghassibe, second year economist at Cambridge University and president of CSEP, explains how the different schools of Economics thought were alternatively in the spotlight throughout the 20th century. The integration of Economic pluralism in one's education is the best solution against these monopolistic shifts between different schools of thought.
Many schools of thought have always competed for the dominant position in both the academia and the policy-making world. John Maynard Keynes’s School managed to establish an intellectual monopoly in the three decades following the end of World War II. It was centred on the notion that the economy is unstable because consumers and investors are driven by the spontaneous animal spirits. Its solution to these challenges, adopted by governments at the time, was to manage these fluctuations in demand through aggregate demand management by the state, nationalisation and fixed exchange rates to promote an export-led recovery.