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P.28. The macroeconomy, p. 395.
Classical Theory-all market clear. Say's law: economy will
reach to point of no unemployment and equilibrium.
Keynesian view: equilibrium is
determined by the aggregate supply and demand, which don't necessarily work in
the same way. Economy can be in equilibrium with inflation or unemployment.
The neo-classical school- M. Friedeman, Monetarists
Supply-siders- thought Keynes talked too much about
demand, looked at S.