Macro & Micro economics
Macroeconomics:Compare and contrast the adoption of Walras’ ideas in the reinterpretation of The General Theory. Critically assess the work undertaken in this area by Clower and Leijonhufvud.
Micro-foundations of macroeconomics
Compare and contrast the adoption of Walras’ ideas in the reinterpretation of The General Theory. Critically assess the work undertaken in this area by Clower and Leijonhufvud.[After outlining the background to the micro-macro split/reconciliation, the first part of the question requires an explanation of market clearing mechanism advanced by Walras and explanation of the dual-decision hypothesis of Clower and the information failure of Leijonhufvud. The second part requires a critical appraisal of this analysis in terms of whether Walrasian theory was the target of Keynes’ ideas etc.]
Summarise the micro-level assumptions of the New Classical School model. What did this approach contribute to economic thought?
[After briefly introducing the NCS model, the question focuses upon the three principal assumption of rational expectations, continuous market clearing and the aggregate supply hypothesis which comprise the micro-level assumptions. These should be discussed and contrasted with previous Keynesian/Monetarist ideas. The second part of the question should include assessment of NCS policy implications, criticisms of the approach and some overall evaluation of what it brought to macroeconomic theory]
Critically evaluate the assumptions, policy implications and contribution of the New Classical School model.
[After briefly introducing the NCS model, the question focuses upon the three principal assumptions of rational expectations, continuous market clearing and the aggregate supply hypothesis that comprise the micro-level assumptions. These should be discussed and contrasted with previous Keynesian/Monetarist ideas. The second part of the question should include assessment of NCS policy implications, criticisms of the approach and some overall evaluation of what it contributed to macroeconomic theory]
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