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...|author-link2=Stanley Fischer |chapter=The Lucas Model |title=Lectures on Macroeconomics |location=Cambridge |publisher=MIT Press |year=1989 |isbn=978-0-262-02283-5 New classical economics made its first attempt to model aggregate supply in Lucas and [[L ...

...y]]. The theories also differ in explaining the movement of money: In the classical version, associated with [[Irving Fisher]], money moves at a fixed rate and ...of money that paid more attention to money demand than the supply-oriented classical version. The Cambridge economists argued that a certain portion of the mon ...

...e model was first used to model wage setting, in [[New Keynesian economics|new Keynesian models]] that followed it was also used to model price-setting by ...erfectly flexible, then [[monetary neutrality|money is neutral]] and the [[classical dichotomy]] holds. In previous [[Keynesian]] models, such as the [[IS–LM m ...

...e="nikiforos-j">Michalis Nikiforos, Gennaro Zezza: ''Stock-Flow Consistent Macroeconomics Models: A Survey''. In: ''[[Journal of Economic Surveys]]'' 31(5), 2017, pp ...ples and Pluralist Approaches in Teaching Economics''. Routledge, London / New York 2019, pp. 243–255, [[doi:10.4324/9781315177731-16]].</ref> The account ...

...pears to be a generalisation of the known economic models, such as the neo-classical model of [[economic growth]] and [[input-output model]]. ...]], which are some universal characteristics of production processes. In classical political economy ([[Adam Smith|Smith]], [[Karl Marx|Marx]], [[David Ricard ...

{{Macroeconomics sidebar}} ...|first1=Brian |last1=Snowdon |first2= Howard R. |last2=Vane |title=Modern Macroeconomics: Its Origins, Development and Current State |location=Cheltenham |publisher ...

...ent during a recession. He argued that this invalidated the assumptions of classical economists who thought that [[market clearing|markets always clear]], leavi ...ert Lucas, Jr.|Robert Lucas]] and other [[new classical macroeconomics|new classical macroeconomists]] criticized Keynesian models that did not work under [[rat ...

...ion]]; specifically, that we cannot extend [[microeconomic]] concepts to [[macroeconomics|production by society as a whole]]. The resolution of the debate, particula ...wth]], [[technological improvement]], and growth in [[natural resources]]. Classical theory claims that an increase in either of the factors of production, i.e. ...

...Gérard Duménil, 2008, "Marx's analysis of capitalist production," ''[[The New Palgrave Dictionary of Economics]]'', 2nd Edition. [http://www.dictionaryof == Marx's critique of classical economics == ...

...d elegant (and pedagogically effective) analysis of the basic aspects of [[classical economics]]. ...ear answer to that question, in particular with ''reference'' to two major Classical problems: the ''theory of value'' and the ''theory of income distribution'' ...

...). Some of these are second-generation members of the co-op. It is open to new members.<!-- No web page as of March 2010. Don't know current president; Ru The co-op gave each new member twenty hours' worth of "[[scrip]]," and required them to return the ...

...=J. |title=Econometric Methods |publisher=McGraw-Hill |year=1972 |location=New York |pages=214–221 |author-link=John Johnston (econometrician)}}</ref> Now One of the assumptions of the classical linear regression model is that there is no heteroscedasticity. Breaking th ...

...reu, Gérard]] ([1987] 2008). "mathematical economics", section II, ''[[The New Palgrave Dictionary of Economics]]'', 2nd Edition. [http://www.dictionaryof ...ard Debreu|Debreu, Gérard]] ([1987] 2008). "mathematical economics", ''The New Palgrave Dictionary of Economics'', 2nd Edition. [http://www.dictionaryofec ...

...ics| publisher = Savvas Learning Company| year = 2022| location = Paramus, New Jersey | pages = 307| url = https://www.savvas.com/index.cfm?locator=PS3jRm ...}} theory.<ref>Franklin M. Fisher (1987). "aggregation problem," ''[[The New Palgrave: A Dictionary of Economics]]'', v. 1, p. 54. [Pp. 53–55.]</ref>}} ...

...hael I.|isbn=9781451665062|edition=1st Simon & Schuster hardcover|location=New York|oclc=800031934|url-access=registration|url=https://archive.org/details === Departure from Classical theory === ...