A Quantitative Definition of Macroeconomics

Paper Summary:

This paper begins with a brief overview of the different macroeconomics models and follows up with a more in-depth look at each of the models. The classical model, the Keynesian model, the new classical model, and new Keynesian economics are all reviewed by this paper.

From the Paper:

"The classical model of macroeconomics largely follows the conclusions reached in microeconomics. The fundamental equilibrium is in the supply and demand for labor. The demand for labor and labor supply, income taxes, and transfer payments are the major microeconomic references in the classic economic models. The classical model spans from the years 1776-1935. These dates are derived from publication dates for major works. The classical model builds on the principles developed in microeconomics to explain how equilibrium production and employment might be determined from profit maximizing and utility maximizing behavior."

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