Wednesday, December 20, 2006

Macroeconomics War 1970s-1990s

As the interest in macroeconomics atracted more economists, many became unsatisfied with explanation of economic events and remedial policy prescribed by the established macroeconomic theory...

Classical Economics

Keynesian Economics

Challengers of Keynesian:
New Classical Economics

Real Business Cycle Theory (strong root in Classical)
New Keynesian Theory (strong root in Keynesian)

Check how each group proposed their own explanations on economic events from 1970s to the 1990s, abd remedial prescriptions.

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