w6

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Summarize the main views of John Maynard Keynes and the birth of Macroeconomics.

1. What is Say’s Law? What is the typical Keynesian Critique of Say’s Law?
2. What is the multiplier and what is the liquidity trap?
3. Does Keynes believe that unemployment is "voluntary"? How close is Keynes' theory of unemployment to Marx's "industrial reserve army" idea?
4. What are considered leakages from the Circular Flow Model of Macroeconomics?
5. According to the video Commanding Heights: Battle of Ideas, What are the major economic-policy differences between John Maynard Keynes and Friedrich von Hayek? Whose policy prescription makes sense to you? Please support your argument.
6. What are the five stages of a financial crisis according to Hyman Minsky? Please name the stages and explain what they are.