New classical macroeconomics | Wikipedia audio article
Channel: Subhajit Sahu
Date: 25/03/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/New_classical_macroeconomics


00:00:44 1 History
00:03:29 1.1 Emergence in response to stagflation
00:04:19 2 Analytic method
00:05:37 3 Foundation and assumptions
00:06:43 4 Legacy
00:09:52 5 See also



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SUMMARY
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New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics, especially rational expectations.
New classical macroeconomics strives to provide neoclassical microeconomic foundations for macroeconomic analysis. This is in contrast with its rival new Keynesian school that uses microfoundations such as price stickiness and imperfect competition to generate macroeconomic models similar to earlier, Keynesian ones.