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  2. History of macroeconomic thought - Wikipedia

    en.wikipedia.org/wiki/History_of_macroeconomic...

    The new neoclassical synthesis combined elements of both new classical and new Keynesian macroeconomics into a consensus. Other economists avoided the new classical and new Keynesian debate on short-term dynamics and developed the new growth theories of long-run economic growth. [5]

  3. Long run and short run - Wikipedia

    en.wikipedia.org/wiki/Long_run_and_short_run

    Marshall's original introduction of long-run and short-run economics reflected the 'long-period method' that was a common analysis used by classical political economists. However, early in the 1930s, dissatisfaction with a variety of the conclusions of Marshall's original theory led to methods of analysis and introduction of equilibrium notions.

  4. New neoclassical synthesis - Wikipedia

    en.wikipedia.org/wiki/New_neoclassical_synthesis

    The new neoclassical synthesis (NNS), which is occasionally referred as the New Consensus, is the fusion of the major, modern macroeconomic schools of thought – new classical macroeconomics/real business cycle theory and early New Keynesian economics – into a consensus view on the best way to explain short-run fluctuations in the economy.

  5. IS–LM model - Wikipedia

    en.wikipedia.org/wiki/IS–LM_model

    The IS–LM model shows the relationship between interest rates and output in the short run in a closed economy. The intersection of the " investment – saving " (IS) and " liquidity preference – money supply " (LM) curves illustrates a " general equilibrium " where supposed simultaneous equilibria occur in both the goods and the money markets.

  6. AD–AS model - Wikipedia

    en.wikipedia.org/wiki/AD–AS_model

    In the short run wages and other resource prices are sticky and slow to adjust to new price levels. This gives way to an upward sloping or, in the extreme case of completely fixed prices, horizontal SRAS. In the long-run, resource prices adjust to the price level bringing the economy back to its structural output level along a vertical LRAS. [10]

  7. Macroeconomics - Wikipedia

    en.wikipedia.org/wiki/Macroeconomics

    Whereas there is empirical evidence that there is a long-run positive correlation between the growth rate of the money stock and the rate of inflation, the quantity theory has proved unreliable in the short- and medium-run time horizon relevant to monetary policy and is abandoned as a practical guideline by most central banks today. [17]

  8. Profit maximization - Wikipedia

    en.wikipedia.org/wiki/Profit_maximization

    The principal difference between short run and long run profit maximization is that in the long run the quantities of all inputs, including physical capital, are choice variables, while in the short run the amount of capital is predetermined by past investment decisions. In either case, there are inputs of labor and raw materials.

  9. Production function - Wikipedia

    en.wikipedia.org/wiki/Production_function

    In the short run, production function at least one of the 's (inputs) is fixed. In the long run, all factor inputs are variable at the discretion of management. Moysan and Senouci (2016) provide an analytical formula for all 2-input, neoclassical production functions. [4]