Classical Macroeconomics

What are the ideas of Classical Macroeconomics

Keynesian Macroeconomics

What are the Ideas of Keynesian Macroeconomics

What was Keynes theory

Monetarist Macroeconomics

What are the ideas of Monetarist Macroeconomics

An example of Monetarist Ideas

Today's Consensus

What is the Classical Part of Today's Consensus

What is the Keynesian Part of Today's Consensus

What is the Monetarist Part of Today's Consensus

How Can Monetarist Ideas help economy

Today's Consensus view on long term vs. short term

Potential GDP

Production Function

PF explained

What happens at the top of PF

Diminishing Returns

Why do Diminishing Returns happen

What are three factors of the Labor Market

Demand For Labor = (What decision maker)

Quantity of Labor Demanded

Demand for labor

What happens to Quantity demanded when wage rate is lowered

Give me an example of Demand for Labor

Supply of Labor = (What decision makers)

Quantity of Labor Supplied

Supply of Labor

What are the two reasons why Labor supplied increases when real wage rate increases

Hours Per Person

Labor Force Participation

Factors of Labor Supplied

Labor Market Equilibrium

Natural Unemployment Rate

What are the two causes of unemployment

Job Search

What three things do job search depend on

Demographic Change (Job Search)

Unemployment Benefits (Job Search)

Structural Change ( Job Search)

Job Rationing

Efficiency Wage (Job Rationing)

Union Wage (Job Rationing)

Minimum Wage (Job Rationing)

What does Job rationing do to unemployment