Macro: Unit 2.6 -- Classical v. Keynesian Theories

Hey Everyone! I'm Mr. Willis, and You Will Love Economics! In this video, I will: - Define Smith's theory of "flexible" wages and prices and to explain how Smith believes the market itself corrects the issues of recession and inflation - Define Keynes's theory of "sticky" wages and prices and explain how Keynes believes the government can intervene to correct economic contraction - Identify the three ranges of the Keynesian aggregate supply curve, and identify when certain conditions exist in the economy in each range - Put each theory into historical context and stimulate discussion on these economic schools of thought Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video: https://www.teacherspayteachers.com/Product/Classical-vs-Keynesian-Theories-Activity-3145441 Follow our store on Teachers Pay Teachers https://www.teacherspayteachers.com/S... Look for us on Social Media: Instagram -- http://www.instagram.com/youwillloveh... Facebook -- http://www.facebook.com/youwilllovehi... Subscribe to our YouTube Channel: https://www.youtube.com/youwillloveeconomics Check out our website for teaching tips and insight from us: https://sites.google.com/view/you-wil...