Economics Dictionary of ArgumentsHome
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| Macroeconomics: Macroeconomics is the study of the economy as a whole, focusing on factors like inflation, unemployment, economic growth, and government policies' impact on them. It examines how households, businesses, and governments interact to shape the broader economic environment. See also Economy, Inflation, Economic growth._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Robert E. Lucas on Macroeconomics - Dictionary of Arguments
Mause I 57f Macroeconomics/MacroeconomicsVsMonetarism/MacroeconomicsVsKeynesianism/Muth/Lucas: Problems of monetarism or Keynesianism are the lack of explanation of wage and price rigidities or wage and price formation at all, or the arbitrary approach in modeling the expectations of economic entities. >Keynesianism, >Monetarism, >Monetary policy. Ultimately, there was a lack of a microeconomic foundation for macroeconomics. The new Classical Macroeconomics, of which John F. Muth (1930-2005) and Robert E. Lucas (born 1937) are the main representatives tried to close this gap. >John F. Muth, >Robert E. Lucas. Two assumptions are fundamental to this approach: On the one hand, it is assumed that expectations are rational, i.e. that the modelled economic entities utilize all information inherent in the model and therefore arrive at the same forecasts as the model itself. On the other hand, price flexibility and the permanent equilibrium of the markets are assumed. Accordingly, fluctuations in production and employment are not interpreted as imbalances but as a sequence of equilibrium positions. >Equilibrium, >Equilibrium theory. New Classical Macroeconomics Thesis: There is no involuntary unemployment! >Unemployment. VsMuth/VsLucas/VsMacroeconomics: the macroeconomic problems observed were more or less defined away. There was no real foundation through a microeconomic approach._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
EconLucas I Robert E. Lucas Understanding business cycles Amsterdam 1977 Mause I Karsten Mause Christian Müller Klaus Schubert, Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018 |
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