Lecture Economics (6/e): Chapter 15 - Stephen L. Slavin-Kinh Te - Quan Ly

The main contents of this chapter include all of the following: The equation of exchange, the quantity theory of money, classical economics, the monetarist school, supply-side economics, the rational expectations theory. Chapter15TwentiethCenturyEconomicTheoryCopyright2002 by The McGrawHill Companies, Inc.All rights reserved.151ChapterObjectives•Theequationofexchange•Thequantitytheoryofmoney•Classicaleconomics•Keynesianeconomics•Themonetaristschool•Supplysideeconomics•Therationalexpectations

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Chapter

15

Twentieth­Century

Economic

Theory

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

15­1

Chapter

Objectives

•

The

equation

of

exchange

•

The

quantity

theory

of

money

•

Classical

economics

•

Keynesian

economics

•

The

monetarist

school

•

Supply­side

economics

•

The

rational

expectations

theory

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

15­2

The

Equation

of

Exchange

•

Much

of

the

Keynesian­Monetarist

debate

revolves

around

the

quantity

theory

of

money

which

itself

is

based

on

the

equation

of

exchange

–

The

equation

of

exchange

and

the

quantity

theory

of

money

are

easy

to

confuse

–

Perhaps

because

the

equation

of

exchange

is

used

to

explain

the

quantity

theory

of

money

Copyright

2002 by The McGraw­Hill Companies, Inc.

All rights reserved.

15­3