203 - April 23

Most economists before Adam Smith believed that the government

Keynes thought the Stock Market was like

To raise interest rates, the government must

If my wage is $20 per hour and bread costs $4 per loaf, then my wage rises to $25 and bread goes up to $5, my real wage

Keynes was concerned about aggregate demand, the Classical with Aggregate supply

New Keynesians think recessions happen because

Adam Smith's theory is based on the philosophy of

Classical economists believe that we only care about our _____ wage

In Milton Friedman's world, recessions happen because

New Classicals think recessions happen because