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  2. 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.

  3. The General Theory of Employment, Interest and Money

    en.wikipedia.org/wiki/The_General_Theory_of...

    Prior to the financial crises of 2007-9, the majority new consensus view, still found in most current text-books and taught in all universities, was New Keynesian economics, which (in contrast to Keynes) accepts the neoclassical concept of long-run equilibrium but allows a role for aggregate demand in the short run. New Keynesian economists ...

  4. 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]

  5. 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.

  6. 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.

  7. Cost curve - Wikipedia

    en.wikipedia.org/wiki/Cost_curve

    The total cost curve, if non-linear, can represent increasing and diminishing marginal returns.. The short-run total cost (SRTC) and long-run total cost (LRTC) curves are increasing in the quantity of output produced because producing more output requires more labor usage in both the short and long runs, and because in the long run producing more output involves using more of the physical ...

  8. J curve - Wikipedia

    en.wikipedia.org/wiki/J_curve

    In economics, the "J curve" is the time path of a country’s trade balance following a devaluation or depreciation of its currency, under a certain set of assumptions. A devalued currency means imports are more expensive, and on the assumption that the volumes of imports and exports change little at first, this causes a fall in the current ...

  9. DAD–SAS model - Wikipedia

    en.wikipedia.org/wiki/DAD–SAS_model

    The DAD (Dynamic aggregate demand) curve is in the long run a horizontal line called the EAD (Equilibrium aggregate Demand) curve. The short run DAD curve at flexible exchange rates is given by the equation: = + + (+)