Question from Past Macroeconomics Qualifying Exam (Fall, 2004 - Question six) at George Mason UniversityEdit
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?