08 On Why His Ideas Were Not Taken Up

08 On Why His Ideas Were Not Taken Up

Assessment

Interactive Video

Business, Social Studies

University

Hard

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The transcript discusses the intellectual situation in the 1960s and 70s, highlighting the disconnect between Keynesian macro analysis and price theory taught in graduate schools. Despite this discrepancy, people accepted and adopted policy analyses that didn't align with economic theory. The discussion touches on macroeconomics as general equilibrium with price rigidity and the use of rhetorical devices to communicate complex ideas. It also addresses the misinterpretation of economic models, particularly in the context of Keynes' work, and how these misunderstandings persisted in the profession for decades.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the main disconnect in economic theories during the 1960s and 70s?

Theories of supply and demand

Keynesian macro analysis and price theory

Microeconomic and macroeconomic policies

International trade and domestic policies

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why were people satisfied with macroeconomics as general equilibrium?

It was easy to understand

It was believed to have one price that wouldn't adjust

It was widely accepted by all economists

It was the only theory available

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What rhetorical device was used to explain the economic concepts?

Metaphors

Days of the week

Analogies

Historical references

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What issue did the determination of the overall price level and money face?

It was universally accepted without question

It was not relevant to the economy

It occupied a different conceptual universe from relative prices

It was too complex to understand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the impact of misinterpretation on the economic profession?

It had no significant impact

It grasped the entire profession for decades

It was quickly resolved

It led to new economic theories