11 Jun WHAT DETERMINES UNEMPLOYMENT IS A CONTENTIOUS ISSUE BETWEEN THE MAINSTREAM AND THE KEYNESIAN ECONOMICS.
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1. Question 1: What determines unemployment is a contentious issue between the mainstream and the Keynesian economics.
(a) Compare and contrast the mainstream (the one presented in your textbook as well as in King, 2015 and Lavoie, 2010) and the ‘Keynesian’ views (King 2015 and Lavoie, 2010) on unemployment. (Do not forget to mention the underlying assumptions of the mainstream view of labor market; how the ideal labor market works; the nonaccelerating inflation rate of unemployment, NAIRU; and rigidities in the labor market).
(b) What are the implications of the heterodox views of the monetary theory of production in terms ofunemployment? (In other words, what are the implications of the Keynesian understanding and conceptualization of money and banking in terms of unemployment? For example, how does the theory of monetary circuit explain unemployment given the Keynesian understanding of money and banking?) 2.
Question 2: Investment spending is one of the most volatile components of the aggregate
demand.
(a) Compare and contrast the mainstream and Keynesian theories in terms of what determines investment spending (Stiglitz, 1993, King 2015).
(b) What are the implications of the heterodox views of the monetary theory of production in terms of investment spending? (In other words, what are the implications of the Keynesian understanding and conceptualization of money and banking in terms of investment
spending? For example, how does the theory of monetary circuit explain investment spending given the Keynesian understanding of money and banking?) 3.
Question 3:Aggregate consumption spending is an important component of the aggregate demand. However, there are competing views in economics about what determines it and its role in economic policy.
(a) Compare and contrast the mainstream consumption theories (i.e., the lifecycle and the permanent income hypotheses) and heterodox theories (King, 2015; Lavoie, 2010; Seccareccia, 2010) in terms of what determines aggregate consumption expenditures and why .
(b) What are the implications of the heterodox views of the monetary theory of production in terms of consumption spending? (In other words, what are the implications of the Keynesian understanding and conceptualization of money and banking in terms of consumption spending? For example, how does the theory of monetary circuit explain consumption spending given the Keynesian understanding of money and banking?)
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