Compare and Contrast the Classical and Keynesian Schools of Thought

question 30

Essay

Compare and contrast the classical and Keynesian schools of thought for the following economic issues.
(a)The flexibility of wages and prices.
(b)The importance of macroeconomic policies.

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Definitions:

CS

An abbreviation for Conditioned Stimulus, which is a previously neutral stimulus that, after being associated with an unconditioned stimulus, elicits a conditioned response.

UCR

An unconditioned response, which is an automatic or natural reaction to an unconditioned stimulus without prior conditioning.

Delayed Conditioning

A conditioning process where there is a time gap between the presentation of the conditioned stimulus (CS) and the unconditioned stimulus (US) that leads to learning.

Trace Conditioning

A form of classical conditioning where there is a time interval between the conditioned stimulus and the unconditioned stimulus, requiring the subject to maintain a memory of the CS to form the association.