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Briefly discuss the key difference(s) between Keynesian Economics and Neoclassical Economics.
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- summary of the key differences between Keynesian Economics and Classical/Neoclassical EconomicsIn neoclassical economics, if there is unemployment, it means that:Briefly discuss the aggregate supply curve in the neoclassical model, including how the curve is drawn, what it determines, and how it operates over time
- 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.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?Explain how each of the following events or policies will affect unemployment in a neoclassical model: a rise in income levels for consumers throughout the economy cheaper imported products a fall in government spending
- In a neoclassical model, describe how each of the following developments or measures will impact unemployment:• a rise in income levels for consumers throughout the economy• cheaper imported products• a fall in government spendingWould it make sense to argue that rational expectations economics is an extreme version of neoclassicaleconomics? Explain.Why is economics so useful for, or amenable to, policymaking?