What is a synthesis essay

However, the Neo-Keynesian system only came into serious trouble in the early 1970s, when a sudden, sustained bout of inflation and unemployment in the OECD countries did not seem to be compatible with the predictions of the Neo-Keynesian system -- and the traditional Keynesian policy-responses undertaken by various Western governments did not seem to alleviate the problem at all. Milton Friedman (1968), the leader of the rival Monetarist Schoo l, proposed a "natural rate of unemployment hypothesis" that did seem consistent with the OECD experience. This natural rate hypothesis was formalized by Edmund Phelps , Robert E. Lucas , Thomas Sargent and used as the basis of a " New Classical " macroeconomic theory, which has risen since the 1970s to replace Neo-Keynesianism as the new macroeconomic orthodoxy.

What is a synthesis essay

what is a synthesis essay

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