| School | Self-correction? | Key concept | Policy stance | Epoch mark |
|---|---|---|---|---|
| Classical | yes | invisible hand; Say's Law | laissez-faire | 1776–1870s |
| Neo-classical | yes | marginalism; equilibrium | markets + edges | 1870s–1929 |
| Keynesian | no (demand deficiency) | aggregate demand | fiscal activism | 1936–1970s |
| Monetarist | long-run yes | money supply | rules, anti-inflation | 1950s–1980s |
Nepal line (close with it): Nepal's policy debates run the whole table — the planning era's dirigisme, the 1990s liberalization (classical/neo-classical medicine), the pandemic's fiscal stimulus (Keynes at the Himalaya), and the Nepal Rastra Bank's perennial monetarist assignment: money growth versus the remittance cycle, with the rupee's peg (Unit 5.3) importing India's monetary weather.