First, Discuss Individually the Features of the RBC (Or New

question 24

Essay

First, discuss individually the features of the RBC (or New Classical), New Keynesian, and new growth theory approaches. Second, discuss the synthesis that is emerging between the three approaches.

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Definitions:

World Population

The total number of living humans on Earth at a given time, a figure that has been subject to rapid growth over the last century.

World's Output

The total production of goods and services by all countries around the globe over a specific time period.

Rules of The Game

Informal and formal institutions, norms, and conventions that shape interactions and decision-making in economic, social, and political environments.

Institutional Elements

Components of a society's system, including laws, regulations, norms, and conventions that shape economic and social interactions.