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RATIONAL EXPECTATIONS AND ECONOMIC THEORY :
Much of undergraduate macroeconomic theory is discussed on the assumption that, in the short run, the expectations of economic agents about the future values of macroeconomic variables are given. The rationale for this treatment of expectations in macroeconomic theory can be derived from Keynes' views on the nature of expectations, including his discussion in the General Theory. While Keynes’ views on the nature of uncertainty and expectations form the basis for the writings, of many Post-Keynesian economists, most of modern macroeconomic theory treats uncertainty and expectations in a radically different manner. This latter approach is characterised in economic theory by the assumption that economic agents (households, business firms and government) have rational expectations abc, macroeconomic variables.
Over the course of modern American economic history there have been market failures, various social problems, and other complexities that have resulted in certain resource markets
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The Demand Curve - The demand curve exhibits how much of a good consumers are ready to buy as the price per unit changes keeping non-price factors constant. - This price-qua
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Movements of the demand curve itself, either to the left or right are known as changes in demand. A change in demand is caused by a change in one or more of the nonprice determina
Allocation Function The shifting or reallocation of production property into or out of markets based on shifts in prices for the products or services produced in that market.
1).Explain a coordination failure. Using the Prisoner's Dilemma example above, discuss coordination failure. 2). What's a Market Failure? Please define the circumstances under w
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