Economic schools of thought are frameworks that help explain how economies function and how economic agents make decisions. Major schools include Classical Economics, which emphasizes free markets and the idea that supply and demand naturally regulate the economy, and Keynesian Economics, which advocates for government intervention to manage economic cycles and promote full employment. Other notable schools include Monetarism, which focuses on the role of money supply in influencing economic activity, and Behavioral Economics, which examines how psychological factors affect economic decisions. Each school offers unique insights and policy recommendations, shaping economic theory and practice over time.