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.
Does neoclassical economics focus on the long term or the short term? Explain your answer.
Would it be plausible to claim that the theory of rational expectations is a distorted form of neoclassical economics? Explain.
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_forwardWhat is market fundamentalism under the neoclassical counterrevolution?arrow_forwardDo neoclassical economists tend to focus more on long term economic growth or on recessions? Explain briefly.arrow_forward
- Why would neoclassical economists think that the government doesn't need to take many steps to combat unemployment? Whether you concur or disagree Explain.arrow_forwardReview the neoclassical model's basic microeconomic presumptions regarding customer behavior.arrow_forwardWhat does potential GDP mean and what does it mean in terms of neoclassical analysis? Please be sure to utilise examples.arrow_forward
- Explain why classical assumptions are not realistic?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_forwardDiscuss the core notions of the market-friendly approach, one of the three ideological strands associated with neoclassical thought.arrow_forward
- What is potential GDP and its significance for neoclassical analysis? It’s crucial to use examples please! arrow_forwardWhich of the following statements best describes the Neoclassical perspective? OWe should study events like the Great Depression and Great Recession to learn more about macroeconomics ORecessions are primarily caused by a decline in spending OFocusing on the changes in potential GDP is more useful than aggregate demand OSticky wages are the primary cause of recessionsarrow_forward“In the 1980s, the political dominance of conservative governments in the United States, Canada,Britain, and West Germany came with a neoclassical counterrevolution in economic theory andpolicy”. (Todaro & Smith, 2020: 133)Explain the neoclassical counterrevolution. In your answer:• Discuss the concept of a ‘market failure’.arrow_forward
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