Critical Thinking in the View of the Four Mainstreams of Economic Thought

Abstract

This paper analyses the importance of critical thinking in the study of the four major mainstreams of economic thought: Economic Liberalism, Economic Socialism, Keynesianism and Economic Institutionalism. The relevance of the topic derives from the fact that students and policymakers often accept one economic doctrine as universally valid without considering its assumptions, limitations and historical context. The objective of the paper is to demonstrate that critical thinking allows a more balanced understanding of economic problems and of the policies proposed by different schools of thought. The research is based on comparative analysis, literature review and the examination of practical examples such as the Great Depression, the transition economies of Eastern Europe and the response to the COVID-19 crisis. The findings show that each mainstream offers valuable insights, but none can independently explain all economic phenomena. Therefore, critical thinking is essential to compare theories, evaluate empirical evidence and select the most appropriate policies. CZU: 330.8; JEL: A20, B22, B25, E60