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Macro schools of thought - Coggle Diagram
Macro schools of thought
Keynes
General theory of em. Int. $$
Keynesian revolution
New keynsian
Stickiness wages & price fluctuate real GDP
Monetarism: Milton Friedman
Increase money supply
Monetary growth rules
Quantity Theory Of Money
M x V = P x Y
New Classical
Rational expectations
Expectations of price level
real wages too high or too low
Real Business Cycle Model
GDP Fluctuates due to temporary productivity shocks
AS vertical In SR
Austrian Model
Market system > economic planning
Low Interest rates cause business cycle
Karl Marx
Labor Theory of Value
Value of good based on amt of labor
Communist: worker control economy