Analyzing planned expenditures versus actual output using the Keynesian Cross. Created by Sal Khan.
Contrasting Keynesian and Classical Thinking. Created by Sal Khan.
By the end of this section, you will be able to:
Evaluate how neoclassical economists and Keynesian economists react to recessions
Analyze the interrelationship between the neoclassical and Keynesian economic models
By the end of this section, you will be able to:
Explain the importance of potential GDP in the long run
Analyze the role of flexible prices
Interpret a neoclassical model of aggregate demand and aggregate supply
Evaluate different ways for measuring the speed of macroeconomic adjustment
Principles of Economics covers scope and sequence requirements for a two-semester introductory economics course. The authors take a balanced approach to micro- and macroeconomics, to both Keynesian and classical views, and to the theory and application of economics concepts. The text also includes many current examples, which are handled in a politically equitable way.
