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The Neoclassical Perspective

14 Lessons 45 mins

Learn about the Neoclassical perspective, its building blocks, the importance of potential GDP, the role of flexible prices, the speed of macroeconomic adjustment, policy implications, Phillips Curve tradeoff, and balancing Keynesian and Neoclassical models.

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Tutorial Lessons

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Introduction to the Neoclassical Perspective

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2

The Building Blocks of Neoclassical Analysis

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The Importance of Potential GDP in the Long Run

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The Role of Flexible Prices

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5

How Fast is the Speed of Macroeconomic Adjustment?

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6

Key Concepts and Summary

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7

The Policy Implications of the Neoclassical Perspective

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The Neoclassical Phillips Curve Tradeoff

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Fighting Unemployment Or Inflation?

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10

Fighting Recession Or Encouraging Long-term Growth?

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11

Summary of Neoclassical Economics versus Keynesian Economics

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12

Key Concepts and Summary

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13

Balancing Keynesian and Neoclassical Models

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14

Key Concepts and Summary

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