TAILIEUCHUNG - Lecture Economics (9/e): Chapter 24 - David C. Colander

Chapter 24 - Economic growth, business cycles, and structural stagnation. After reading this chapter, you should be able to: Discuss the history of macro, distinguishing Classical and Keynesian, macroeconomists; define growth and discuss its recent history; distinguish a business cycle from structural stagnation; relate unemployment to business cycles and distinguish cyclical unemployment from structural unemployment. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Goals Discuss the history of macro, distinguishing Classical and Keynesian macroeconomists Distinguish a business cycle from structural stagnation Define growth and discuss its recent history Relate unemployment to business cycles and distinguish cyclical unemployment from structural unemployment 2 The Historical Development of Macro Classical economists believe that business cycles are temporary glitches, and generally favor laissez-faire, or nonactivist policies Keynesian economists believe that business cycles reflect underlying problems that can be addressed with activist government policies By the 1980s, Classical and Keynesian economics merged in a new conventional macroeconomics Following the 2008 crash the . economy experienced structural stagnation that conventional economists did not anticipate Two Frameworks: The Long Run and the Short Run The long-run growth framework focuses on incentives for supply Sometimes called supply-side economics Issues of growth are considered in a long-run framework The short-run business cycle focuses on demand Sometimes called demand-side economics Business cycles are generally considered in a short-run framework Inflation and unemployment fall within both frameworks 4 Two Frameworks: The Long Run and the Short Run The stark division between the short-run and the long-run frameworks is problematic Both frameworks have to be blended into a composite framework in which both supply and demand influence long-run and short-run forces The long run is just a combination of short runs that cannot be separated The economy is simultaneously in the long run and short run 5 Growth Economists measure growth with changes in total output over a long period of time Even if total output is increasing, the population may be growing even faster, so per capita output would be falling Potential output is the highest amount of output an .

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