The Neoclassical Perspective explores the macro economy in the long run, where aggregate supply plays a crucial role. In this unit, we will look at two building blocks of neoclassical economics: (1) the size of the economy is determined by potential GDP, and (2) wages and prices will adjust in a flexible manner so that the economy will adjust back to its potential GDP level of output. Then, we will discuss the two main categories of macroeconomic policy: monetary policy, which focuses on money, banking, and interest rates; and fiscal policy, which focuses on government spending, taxes, and borrowing. Finally, we will explore what economists mean by money, and how money is closely interrelated with the banking system.
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