Neoclassical theory and monetary economics
| Order ID | 53563633773 |
| Type | Essay |
| Writer Level | Masters |
| Style | APA |
| Sources/References | 4 |
| Perfect Number of Pages to Order | 5-10 Pages |
Description/Paper Instructions
Neoclassical theory and monetary economics
Neoclassical theory is a school of economic thought that emphasizes the role of individual choice and market forces in determining economic outcomes. It is based on the assumption that individuals are rational actors who make decisions to maximize their own well-being. Neoclassical economists believe that markets are generally efficient and that government intervention in the economy should be limited.
Monetary economics is the study of the role of money in the economy. Neoclassical monetary economists believe that money is a veil that obscures the underlying real forces of supply and demand. They argue that changes in the money supply have only a temporary effect on real economic variables, such as output and employment. In the long run, they believe, the economy will return to its natural equilibrium, regardless of the level of the money supply.
One of the most important concepts in neoclassical monetary theory is the quantity theory of money. The quantity theory states that the price level is proportional to the money supply. In other words, if the money supply doubles, the price level will also double. This is because an increase in the money supply leads to an increase in spending, which in turn leads to an increase in prices.
The quantity theory of money is a simple and elegant theory, but it has been challenged by empirical evidence. For example, some studies have found that the relationship between the money supply and the price level is not as straightforward as the quantity theory would suggest.
Despite these challenges, the quantity theory of money remains an important part of neoclassical monetary theory. It is a useful tool for understanding the relationship between money and prices, and it can be used to predict how changes in the money supply will affect the economy.
In addition to the quantity theory of money, neoclassical monetary economists also study other topics such as the role of central banks, the effects of inflation, and the relationship between money and economic growth. They use a variety of economic models to analyze these topics and to make predictions about how the economy will behave.
Neoclassical monetary theory is a complex and ever-evolving field of study. It is based on a number of fundamental assumptions about the nature of money and the economy, and it has been used to explain a wide range of economic phenomena. While it is not without its critics, neoclassical monetary theory remains an important part of modern economics.
Here are some of the key points of neoclassical monetary theory:
Money is a veil that obscures the underlying real forces of supply and demand.
Changes in the money supply have only a temporary effect on real economic variables, such as output and employment.
In the long run, the economy will return to its natural equilibrium, regardless of the level of the money supply.
The quantity theory of money states that the price level is proportional to the money supply.
Neoclassical monetary economists use a variety of economic models to analyze the role of money in the economy and to make predictions about how the economy will behave.
Neoclassical monetary theory is a valuable tool for understanding the role of money in the economy. It can be used to explain a wide range of economic phenomena, and it can be used to make predictions about how the economy will behave. However, it is important to remember that neoclassical monetary theory is based on a number of assumptions, and it is not without its critics.
Neoclassical theory and monetary economics
RUBRIC | QUALITY OF RESPONSE | NO RESPONSE | POOR / UNSATISFACTORY | SATISFACTORY | GOOD | EXCELLENT | | Content (worth a maximum of 50% of the total points) | Zero points: Student failed to submit the final paper. | 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. | 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. | 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. | 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. | | Use of Sources (worth a maximum of 20% of the total points). | Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. | 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. | 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. | 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. | 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. 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The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. | 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper | 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. | 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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