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We have studied three macro-economic models: Classical, Keynesian, and Austrian (sometimes called the Market Process Model).
1. On what important concept or policy do the Classical and Keynesian models agree? (No credit for MV=PQ)
2. On what important concept or policy do the Classical Model and Keynesian models disagree? (No credit for MV=PQ)
3. On what important concept or policy do the Classical Model and Market Process models agree? (No credit for MV=PQ)
4. On what important concept or policy do the Classical Model and Market Process models disagree? (No credit for MV=PQ)
5. While Classical and Keynesians may disagree about the details of the Equation of Exchange (MV=PQ), they both accept it as a theoretical construct. They agree that it is useful when describing the economy. Market process economists disagree. Why?
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