Document Type


Publication Date

Summer 1997


The article discusses how the intermediate macroeconomics instructor can introduce students to ways of old and new Keynesians and classical theorists addressed the question on why output and employment fluctuate. Keynesian macroeconomics characterizes a school of thought developed around two central prepositions. New Keynesians develop alternative ways of explaining short-run movements in output and employment in the early 1970's. All individuals maximize utility, firm maximizes profits. Recently, new classicals developed an alternative approach in explaining short-run fluctuation in employment and output by redefining the concept of the short run.


This is an Author’s Accepted Manuscript of an article published in Smith, H. M. (1997). Introducing Students to the Competing Schools of Thought in Intermediate Macroeconomics. Journal Of Economic Education, 28(3), 206-221 as published in THE JOURNAL OF ECONOMIC EDUCATION 1997 copyright Taylor & Francis, available online at: