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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.
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When you drop by the only coffee shop in your neighbourhood, you notice that the price of a cup of coffee has enhanced considerably since last week. You decide it's not a big dea
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The most fundamental economic problem is scarcity.
if nominal GDP in 2002 exceeds nominal GDP in 2001, did real output rise?
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