Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 26, Problem 3SCQ
Would it make sense to argue that rational expectations economics is an extreme version of neoclassical economics? Explain.
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Would it make sense to argue that rational expectations economics is an extreme version of neoclassicaleconomics? Explain.
Given that the Mundell-Fleming model is one of the innovations of neoclassical economics, do the policy recommendations remain timely and relevant?
What is market fundamentalism under the neoclassical counterrevolution?
Chapter 26 Solutions
Principles of Economics 2e
Ch. 26 - Do rational expectations tend to look back at past...Ch. 26 - Legislation proposes that the government should...Ch. 26 - Would it make sense to argue that rational...Ch. 26 - Summarize the Keynesian and Neoclassical models.Ch. 26 - Does neoclassical economics focus on the long term...Ch. 26 - Does neoclassical economics view prices and wages...Ch. 26 - What shape is the long-nm aggregate supply curve?...Ch. 26 - What is the difference between rational...Ch. 26 - A neoclassical economist and a Keynesian economist...Ch. 26 - Do neoclassical economists tend to focus more on...
Ch. 26 - Do neoclassical economists tend to focus more on...Ch. 26 - Do neoclassical economists see a value in...Ch. 26 - If aggregate supply is vertical, what role does...Ch. 26 - What is the shape of the neoclassical long-run...Ch. 26 - When the economy is experiencing a recession, why...Ch. 26 - If the economy is suffering through a rampant...Ch. 26 - If most people have rational expectations, how...Ch. 26 - Explain why the neoclassical economists believe...Ch. 26 - Economists from all theoretical persuasions...Ch. 26 - Is it a logical contradiction to be a neoclassical...Ch. 26 - Use Table 26.3 to answer the following questions....
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Similar questions
- Why would an economist choose either the neoclassical perspective or the Keynesian perspective, but not both?arrow_forwardGiven that the Mundell-Fleming model is one of the innovations of neoclassical economics (covering the immediate decades after the Second World War), do the policy recommendations remain timely and relevant?arrow_forwardDoes neoclassical economics focus on the long term or the short term? Explain your answer.arrow_forward
- Do neoclassical economists tend to focus more on long term economic growth or on recessions? Explain briefly.arrow_forwardReview the fundamental microeconomic assumptions on the consumers’ behaviour within the neoclassical model. What are the main strengths and the main limitations of those assumptions? Discuss with theoretical and applied evidence.arrow_forwardWhat is meant by the term neoclassical counterrevolution? What are its principal arguments, and how valid do you think they are? Explain your answer.arrow_forward
- What is the Keynesian and Neoclassical models.arrow_forwardFor this assignment, please write a 200-300 word defense of either the Keynesian perspective or the Neoclassical perspective of economics. In other words, which worldview makes the most sense to you? You are encouraged to relate your explanation to specific examples, politics, the fashion industry, your own life, etc.arrow_forwardWhat is neoclassical theory? Please use your own wordsarrow_forward
- Does neoclassical economics view prices and wages as sticky or flexible? Why?arrow_forwardAccording to neoclassical theory, compensating consumers for inflation as measured by a base year weighted index can overcompensate them because: A some goods may be inferior B relative prices may not have changed C some goods may give disutility D goods are substitutable in consumer preferencesarrow_forwardComparing neoclassical theory to Keynesian theory, it is safe to say that a. neoclassical theory places more emphasis on the government to solve problems while the Keynesian theory places more emphasis on the market to solve problems b. neoclassical theory place is more emphasis on the market system to solve problems the Keynesian  places more emphasis on the government to solve problems c. Neoclassical theory and Keynesian theory both agree the government must be involved in the economy to get full employment  d. None of the abovearrow_forward
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