The unemployment rate and the rate of in?ation

Reference no: EM13897715

1. Outline the development and current theoretical status of the tradeoff between the unemployment rate and the rate of in?ation.

2. "Between 1930 and 1990, macroeconomic theory went through a full circle. The classical view of the 1920s was discarded in the 1930s and 1940s by Keynesian theory, but the latter, in turn, was gradually eroded to the point that the dominant theory by the 1980s had again become a form of the classical one." Discuss.

3. "In the past forty years, macroeconomic theory has come full circle. The Keynesian views of the economy were discarded in the mid-1970s by the resurgent classical theory, but the latter, in turn, has been eroded to the point that the dominant theory is again a form of the Keynesian one." Discuss.

Reference no: EM13897715

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