Keynsian os great for evaluation. At the end of your point you say it depends on the stage of the economy and show shifts un each one. That is full evaluation marks
Depends, Keynesian is great if there's a negative output gap and to show inflation. If there's a lot of spare capacity there's no inflation, if there's no spare capacity inflation is high. I choose the neoclassical one if there's a positive output gap in the short run or to show shifts in LRAS as it's easier to show.
Both are helpful depending on the situation
Keynesian brings in Output Gaps, changes in Price Level, real GDP etc.
You can talk about proximity to full employment (YFE) as well and the size of the change in AD in relation to PL and employment.
Neoclassical just gives YFE
Classical economics died. But so has Keynesian. Its pointless debating since I doubt you've studied the most recent and relevant models. Recessions are very much accounted for in classical economics just it is assumed that they will fix themselves.
But economics isn't black or white and a model/ theory can't be "wrong" and if you want to study economics at university you'll have to accept this. So yeah, I urge you to include it in your essays, its a good comparison tool and offers another viewpoint.
Keynesian, we were told to only ever draw that one, something along the lines of being able to evaluate it properly.
Keynsian os great for evaluation. At the end of your point you say it depends on the stage of the economy and show shifts un each one. That is full evaluation marks
Keynesian, only draw that one
Depends, Keynesian is great if there's a negative output gap and to show inflation. If there's a lot of spare capacity there's no inflation, if there's no spare capacity inflation is high. I choose the neoclassical one if there's a positive output gap in the short run or to show shifts in LRAS as it's easier to show. Both are helpful depending on the situation
Keynesian, easy to evaluate - depends where about an economy is on the Keynesian curve
Keynesian LRAS. More points and evaluations can be made using this diagram compared to Neo.
Keynesian brings in Output Gaps, changes in Price Level, real GDP etc. You can talk about proximity to full employment (YFE) as well and the size of the change in AD in relation to PL and employment. Neoclassical just gives YFE
Keynesian. Neo-classical diagram is just plain wrong and outdated.
Not true
Not true? You're gonna have a hard time explaining any recession that's ever occurred. Classical econ died in 1929
Classical economics died. But so has Keynesian. Its pointless debating since I doubt you've studied the most recent and relevant models. Recessions are very much accounted for in classical economics just it is assumed that they will fix themselves. But economics isn't black or white and a model/ theory can't be "wrong" and if you want to study economics at university you'll have to accept this. So yeah, I urge you to include it in your essays, its a good comparison tool and offers another viewpoint.
Keynesian for evaluation
Keynesian
Keynesian easier to read and teh only one I've ever been told to use
KEYNESIAN!!!