Tour in hawaii on This branch of modern macroeconomics is not only quite distinct from Keynesian macroeconomics in its method of analysis; it is actually its complete antipode since Keynesian macroeconomics was explicitly focused on a very short period during which the capital stock was assumed to be fixed. The theory of long-run growth starts from the basic assumptions about utility maximization by the representative consumer (either assumed to be infinitely lived or representing a certain generation in the overlapping generation model) and it then goes on to analyze the consumption-investment decision, the accumulation of capital, technological change, and so on. The interest rate is determined by the rate of return on the capital good (real investment) and the portfolio choice of a representative agent allocating savings among various assets, financial and tangible. The neoclassical theory of growth is currently becoming more and more prominent as the leading form of macroeconomics of the 21st century. Another branch of macroeconomics, the theory of the real BUSINESS CYCLE is more related to Keynesian macroeconomics in that at least it also focuses on the same time horizon. However since it builds the theory from micro-principles and assumes that supply equals demand in all markets, including the labor market, the method of analysis and the conclusions are completely different. In particular, unemployment, which was caused by not enough effective demand in the Keynesian system, is explained in terms of job search and other structural factors related to the labor market itself. Tour in hawaii 2016.
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