Difference between revisions of "Macroeconomics activity and demand/Short run instability"

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{{MyTitle|Competing theories about short-run instability}}
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|title=Supply vs Demand
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===Demand-side theories===
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Currently the two main competing economic schools of thought are Keynesian and Supply-Side (sometimes called "trickle down") economics.
  
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<br/>
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===Keynesian===
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{{IDevice
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[[File:Keynes 1933.jpg|thumb|Keynes 1933]]  
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|title=Activities
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|body=[http://www.wikiwand.com/en/Keynesian_economics Wikipedia: "Keynesian Economics"]
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* Read this article, which covers several aspects of contemporary macroeconomic thinking. Note the emphasis on managing aggregate demand by changing variables that can alter aggregate expenditures. Some economists argue it is easier and better to prompt changes in consumption, investment, government spending, and net exports than to prompt changes in variables that affect aggregate supply.}}
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[[File:Keynes 1933.jpg|thumb|Keynes 1933]] John Maynard Keynes
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===Supply-side theories===
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Read this article on http://www.wikiwand.com/en/Keynesian_economics Wikipedia: "Keynesian Economics", which covers several aspects of contemporary macroeconomic thinking. Note the emphasis on managing aggregate demand by changing variables that can alter aggregate expenditures. Some economists argue it is easier and better to prompt changes in consumption, investment, government spending, and net exports than to prompt changes in variables that affect aggregate supply.
  
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<br/>
 
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{{IDevice
 
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|type=Activity
 
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|title=Activities
 
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|body=[http://www.wikiwand.com/en/Supply-side_economics Wikipedia: "Supply Side Economics"]
 
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* Read this article, which covers several aspects of contemporary macroeconomic thinking. Note the emphasis on managing aggregate supply by changing variables including tax rates, deregulating industries, providing incentives for employers to hire workers, and so forth. Some economists argue it is easier and better to prompt changes in the supply side than to prompt changes in variables that affect aggregate demand.}}
 
  
  
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[[File:Rmundell.jpg|thumb|Rmundell]] Robert Mundell  [[File:Artur Laffer.jpg|thumb|Artur Laffer]] Arthur Laffer
 
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og here up
 
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_{{IDevice
 
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|type=Reading
 
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|title=Supply vs Demand
 
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|body=[[Image:Cycle_économique.jpg|thumb|right|400px|The economic cycle]]
 
  
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Currently the two main competing economic schools of thought are
 
  
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# What are the tensions between controlling either inflation or unemployment?
 
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# Is there an acceptable amount of inflation or unemployment if the economy as a whole is doing well?
 
  
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* Read Chapter 6: Business Cycle from [https://learn.saylor.org/mod/page/view.php?id=7637 John Petroff's "Macroeconomics"] text book, which provides definition and insights into the key terminology used by economists to describe the stages of the business cycle.
 
  
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* Read the section on Business Cycle's from [https://en.wikibooks.org/wiki/Macroeconomics/Business_Cycle the Wikibooks: "Macroeconomics"] text book, to learn about the business cycle and the four phases that help define this cycle. Real GDP varies over time, and the business cycle describes the pattern of its fluctuations.  
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===Supply-Side===
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[[File:Rmundell.jpg|thumb|Robert Mundell]] [[File:Artur Laffer.jpg|thumb|Arthur Laffer]]
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Read this article from Wikipedia about [http://www.wikiwand.com/en/Keynesian_economics "Keynesian Economics"], which covers several aspects of contemporary macroeconomic thinking. Note the emphasis on managing aggregate supply by changing variables including tax rates, deregulating industries, providing incentives for employers to hire workers, and so forth. Some economists argue it is easier and better to prompt changes in the supply side than to prompt changes in variables that affect aggregate demand.}}
  
 
Having read these two chapters, jot down any of your reflections, thoughts or questions on this subject in a WeNotes post.  
 
Having read these two chapters, jot down any of your reflections, thoughts or questions on this subject in a WeNotes post.  

Revision as of 23:33, 4 August 2017

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Supply vs Demand

Currently the two main competing economic schools of thought are Keynesian and Supply-Side (sometimes called "trickle down") economics.

Keynesian

Keynes 1933

Read this article on http://www.wikiwand.com/en/Keynesian_economics Wikipedia: "Keynesian Economics", which covers several aspects of contemporary macroeconomic thinking. Note the emphasis on managing aggregate demand by changing variables that can alter aggregate expenditures. Some economists argue it is easier and better to prompt changes in consumption, investment, government spending, and net exports than to prompt changes in variables that affect aggregate supply.




Supply-Side

Robert Mundell
Arthur Laffer

Read this article from Wikipedia about "Keynesian Economics", which covers several aspects of contemporary macroeconomic thinking. Note the emphasis on managing aggregate supply by changing variables including tax rates, deregulating industries, providing incentives for employers to hire workers, and so forth. Some economists argue it is easier and better to prompt changes in the supply side than to prompt changes in variables that affect aggregate demand.



Having read these two chapters, jot down any of your reflections, thoughts or questions on this subject in a WeNotes post.

}}

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