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
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