Economic Schools of Thought: Labour Perspectives
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Overview6 Topics
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Background information10 Topics
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Endnotes
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References
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Interactive learningDeepen your knowledge2 Quizzes
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Training materialExercises2 Topics
Overview & Aims
The activity is designed for students to understand the differences between the theories of the Neoclassical school and Keynesian school.
Materials and time
The instructor is encouraged to write out the statements on a blackboard or in a PPT presentation in order for the students to have them visible during the whole exercise.
Group size
It could be carried out either in groups or individually. The activity could take 20/30 mins and it is ideally followed by a discussion.
Instructions for trainers
- According to the number of people the instructor should decide how to divide the group.
- The instructor presents the statements to be defined as true or false to the students and gives them 15 minutes for them to think/discuss in groups.
- In the end each group shared their results, justifying only the False statements.
- The instructor could decide to either reveal the result for each statement at the time or at the end of the exercise. Again, in any case, a discussion is encouraged.
- The instructor can select from the following list the number of T/F to analyse according to the time the group has, and how difficult they found it.
Quiz Summary
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Question 1 of 11
1. Question
In the neoclassical theory there is an automatic and magnetic tendency that pushes the system to equilibrium and does not rest until it reaches that state
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Question 2 of 11
2. Question
The supply curve is the representation of the decision made by workers between the utility reported by the salary obtained for their work versus that provided by the leisure and it has a downward slope
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Question 3 of 11
3. Question
In neoclassical theory, the labour market automatically leads to full employment at the wage that balances supply and demand
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Question 4 of 11
4. Question
In neoclassical theory, unemployment is voluntary and can be solved by increasing the labour demand
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Question 5 of 11
5. Question
For the neoclassic school the economy is always in conditions of full employment and wage rigidity is the cause of unemployment
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Question 6 of 11
6. Question
In Keynesian theory, unemployment could also be a situation of equilibrium that could be stable in time, but workers can reduce their wages to come back to equilibrium
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Question 7 of 11
7. Question
Oposing to Say´s law, for Keynes any increase in the production and income doesn’t ‘always increase the demand as the latter stablishes a distinction between consumption demand and investment demand.
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Question 8 of 11
8. Question
For Keynes investment demand is big, the equilibrium occupation volume may well be below that required to guarantee full employment
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Question 9 of 11
9. Question
For Keynes . Investment must always “fill the gap” between the cost of any level of production (global supply) and consumer demand, always lower
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Question 10 of 11
10. Question
For Keynes, cause of unemployment is a weak demand, more precisely, weak consumption demand.
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Question 11 of 11
11. Question
For Keynes exogenous market interventions (from the state) are not negative, but are essential to achieve full employment
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