Macro: Unit 2.6 -- Classical v. Keynesian Theories
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In this video, I will:
Define Smith's theory of "flexible" wages and prices and to explain how Smith believes
the market itself corrects the issues of recession and inflation
Define Keynes's theory of "sticky" wages and prices and explain how Keynes believes the
government can intervene to correct economic contraction
Identify the three ranges of the Keynesian aggregate supply curve, and identify when
certain conditions exist in the economy in each range
Put each theory into historical context and stimulate discussion on these economic
schools of thought
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