Econ paper 1 redo.docx - Adam Hamden Econ Paper 1 Redo Keynesians and Monetarists have different views of the likely shape of a country\u2019s aggregate

Econ paper 1 redo.docx - Adam Hamden Econ Paper 1 Redo...

This preview shows page 1 - 2 out of 2 pages.

Adam HamdenEcon Paper 1 RedoKeynesians and Monetarists have different views of the likelyshapeof a country’saggregate supply curve. Using diagrams, show how these shapes can affectmacroeconomic policy.-Define Keynesian theory, neoclassical theory, AS, macroeconomic policy-Explain why the two schools have different arguments on their respective supply curves.-Use diagrams of both-Explain in what way the shapes of these curves affect fiscal and Neo-classical and Keynesian are two different approaches/bodies of thinking to certain macroeconomic principles and government policy. The neoclassical view is one that focuses on the idea that in the long run, the economy will fix itself as wages are flexible. Keynesians, on the other hand, believe in the economic theory that revolves around total spending in the economy and its effects on output and inflation and that there is no flexibility in wages.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture