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Unformatted text preview: 1 1 SR Keynesian Macro Aggregate Demand and Supply The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. In the long-run we are all dead 2 In the News? 3 Course Issues Quiz1 hw2 Quiz Clickers register at iclicker.com Problems? Discussion Boards not emails Introductions, what, hw qs ODE econweb.rutgers.edu/sheflin Short-Run Supply ONLY 2 4 Output and Prices in SR (Keynesian) Aggregate D&S Versus Micro D&S Agg D=C+I+G+NX C=f(Y-T,Wealth) I=f(i) G exog NX Agg D downward sloping P M/P r I D (p,y) Aggregate S curve Qs=f(P) cet. par....
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- Summer '08