Question from Past Macroeconomics Qualifying Exam (Fall, 2004 - Question six) at George Mason University[]

Two macroeconomic models that are no longer highly regarded by mainstream macroeconomists are

  • (1) the classical model and
  • (2) the Austrian model:
    • a. Briefly outline the nature of one of these two models
    • b. Identify the principal strengths of this model.
    • c. Outline the principal weaknesses of this model
    • d. Should this model play any role in modern macroeconomics? Explain.
    • e. Why has this model failed to retain respect among mainstream macroeconomists?


  • (a)
  • (b)
  • (c)
  • (d)
  • (e)

Other Questions[]