It is quite a common phenomenon when a certain concept within a particular discipline becomes a subject of considerable debate. Though, such sort of debates can last for decades in case this controversy is not of primary importance to human activity. Taking this point into account, it is to be said that such discipline of economics is not capable of prolonged debates because it is a dynamically developing field of human activity. As a consequence, a strong controversy over this science can lead to negative outcomes. Therefore, the majority of economics’ concepts are compared among each other in order to reveal the aptest one for the implementation in a particular environment. In such a way, it is necessary to provide a comparison and contrast between two economic thoughts, namely the German and the American and outline numerous perspectives.
First of all, the impact of both economic thoughts on the macroeconomic environment has to be described. Moreover, these impacts should be assessed in order to estimate their actual contribution to world economics. In addition, this estimation is expected to be exemplified in order to provide empirical evidence of these economic thoughts. In the same way, an equal assessment has to be conducted in terms of the United States economy. In this case, a vivid rationale is required. As a consequence, it is important to linger on the primary manners, which will enable policymakers to implement these economic concepts with regard to the following issues. Thus, these concepts are supposed to address economic growth, business cycle fluctuations, tax reform, and growing income inequality.
Schools of Economic Thought Description
Initially, the schools of economic thought have to be presented. Therefore, the fir