ECON 1580-01 Learning Journal Week 5

True or false question: Although there is no specific founder of macroeconomics, John Maynard Keynes is usually cited as such.

Briefly discuss the key difference(s) between Keynesian Economics and Neoclassical Economics.

Which of the following schools of economic thought modelled the economy as a physical system that was quickly brought back to equilibrium by the actions of rational economic agents? Keynesians O The Catastrophists The Neoclassicals O The Austrians

John Maynard Keynes spearheaded a new school of macroeconomic theory during the Great Depression. Which of the following represents a Keynesian point of view of macroeconomics?

In what way is neoclassical economics different from old and new institutional economics? Which school of thought is founded on principles that are closer to reality?

Why would an economist choose either the neoclassical perspective or the Keynesian perspective, but not both?

1) Using an example, explain how John Maynard Keynes distinguished macroeconomics from microeconomics.

Explain how Milton Friedman's economic views differed from those of Keynes and explain why more recent developments in the global economy can be said to have vindicated both Friedman's and Keynesian economic views.

What is the best approach to managing the economy, supply-side or demand-side economics? There are two schools of thought on how to managing the economy. The first is demand-side economics which also the Keynesian approach. This approach maintains that the demand for products and services drives the economy as such economic policies should focus on the aggregate demand curve.  The other approach is called supply-side economics or more popularly referred to as Reaganomics. In this trickle-down approach, it is postulated that the production of goods and services is what drives the economy with the focus on the aggregate supply curve.  Both fiscal and monetary policies have the potential to stimulate change in either the aggregated demand or the aggregate supply curves. In your initial post defend which approach should be used to (ensure to include in your subject line, which approach you are defending): Restore the economy that is in a recession. Identify the challenges that may be…

In your view, is the economy currently operating in the Keynesian, intermediate or neoclassical portion of the economy's aggregate supply curve?

If a macroeconomist studying the causes of unemployment suspects that changes in technology might play a role, then this macroeconomist is at which step in the process of developing an economic model? Compare the model with the data. Conduct prediction and policy analysis. Develop a model. Identify the endogenous variables. Identify the exogenous variables.

Q1: How does the so-called 'weak' approach to sustainability within neoclassical economics differ from the 'strong' approach to sustainability within natural science?

summary of the key differences between Keynesian Economics and Classical/Neoclassical Economics

What is the Stackelberg Theory in Economics?

Explain whether each of the following is an example of a macroeconomic concern or a microeconomic concern. 1. Ford Motor Company is contemplating increasing the production of full-size SUVS based on projected future consumer demand 2. Congress is debating the option of implementing a value added tax as a means to cut the federal deficit. 3. The Federal Reserve announces it is increasing the discount rate in an attempt to slow the rate of inflation. 4. The Bureau of Labor Statistics projects a 22.5 percent increase in the number or workers in the healthcare industry from 2008 to 2018.

menu   messageQ&A notifications account_circle                                                                                     Business EconomicsPrinciples of Macroeconomics (MindTap Course List)8th Edition   Describe three ways a government policymaker can try to raise the growth in living standards in a society. Are there any drawbacks to these policies?     Give your brain a boost. Try 5 free Q&As with our subject matter experts now.arrow_forward   Findarrow_forward Principles of Macroeconomics (Mind... 8th Edition N. Gregory Mankiw Publisher: Cengage Learning ISBN: 9781305971509 Chapter 12.3, Problem 3QQ Textbook Problem 343 views keyboard_arrow_up Describe three ways a government policymaker can try to raise the growth in living standards in a society. Are there any drawbacks to these policies? To determine keyboard_arrow_up Ways of increasing…

Instructions:The economic ideas of two the most influential economists:  John Maynard Keynes and Frederic von Hayek have a significant impact on the US economy and the entire global economy. They had very different views about a free market economy and the role of the government. Even though they had arguments in 1930s, their ideas still affect our contemporary economic systems. The relevance of their views will be debated in the video:  Fear The Boom and Bust": Keynes vs Hayek Rap Battle. Two models below represent John Maynard Keynes and Frederic von Hayek concepts of aggregate-demand (AD) and aggregate-supply(AS) of the nation’s economy. Once you’ve watched the video and read Chapter 32: Aggregate Demand and Aggregate Supply, then answer the questions that follow. The following links provides a two-minute videos about demand-pull inflation, cost-push inflation, recession, short-run period, and long-run period.  http://welkerswikinomics.com/blog/2011/04/08/1643/ Figure 1: Hayek’s…

Think back to August 6, 1945. The United States has just dropped an atomic weapon on the city of Hiroshima killing tens of thousands of Japanese and devastating the infrastructure. A Keynesian at that time might conclude that there is a silver lining in the destruction, as economic prosperity will result. Evaluate the logic of this claim in a few sentences.

Explain how a person’s interpretation of macroeconomic history could affect his view of macroeconomic policies?

Please help me solve this macroeconomics problem. Thanks!

In 60 words or less what is the major economic thought of John Maynard Keynes?

What are the key building blocks of the neoclassical consumption model?

The methodology of ________ economics says that models should be based on predictions and not assumptions.

If the production conditions in the United States and Japan were to become essentially the same, would the neoclassical model suggest that trade between the two countries would cease? Why or why not? Illustrate your answer with a graph.

One practical limitation of the Classical or Neoclassical model is that it suggests allowing the economy to self-correct in the long run, but recessions may last a very long time. How severe is this problem and why? What is one example?