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Economic thinking has evolved significantly over centuries, transitioning from mercantilism, which emphasized state control and accumulation of wealth, to classical economics that advocated for free markets and individual self-interest as drivers of prosperity. The advent of Keynesian economics in the 20th century shifted focus to the role of government intervention in managing economic cycles. More recently, behavioral economics has emerged, incorporating insights from psychology to understand decision-making processes. This progression reflects a growing complexity in understanding economic systems and human behavior.

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