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How much does a neoclassical consumer consume today and in the future?
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- Why would an economist choose either the neoclassical perspective or the Keynesian perspective, but not both?What are the key building blocks of the neoclassical consumption model?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?
- What is the Keynesian and Neoclassical models.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.From a neoclassical view, which of the following is less important? fighting unemployment encouraging long-term growth encouraging more productivity per worker level of potential GDP
- What does potential GDP mean and what does it mean in terms of neoclassical analysis? Please be sure to utilise examples.In neoclassical economics, if there is unemployment, it means that:What is the Neoclassical Economics view of labor markets. How do they function? Does the economy produce full employment? How? If not, why?
- Briefly discuss the aggregate supply curve in the neoclassical model, including how the curve is drawn, what it determines, and how it operates over timeWhat does neoclassical theory say about income distribution and inequalityWhat does neoclassical theory say about income distribution and inequality. What are the causes and or cures for this problem?