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The paper describes different approaches in the theory of economics (from Phillips curve through ricardian equivalence theorem to the demand for money) to the expectations of business entities on the future shape of basic macroeconomic aggregates. Inclusion of such expectations in theoretical framework of economics changes described economic processes and leads to change in the conclusions.
Teoria ekonomii ewoluuje. Chcąc wyjaśnić procesy rządzące obserwowaną rzeczywistością gospodarczą, zmienia, choć powoli, swój aparat narzędziowy. Bardzo ważną zmianą (a dziś już potrafimy to ocenić) jest uwzględnianie w koncepcjach teoretycznych oczekiwań podmiotów gospodarczych. Oczekiwania uwzględnia się w tych koncepcjach, które tłumaczą decyzje gospodarstw domowych i przedsiębiorstw. Te, jak wiemy,...
The article reviews theoretical analyses of effectiveness of fiscal and monetary policies. The first part concentrates on classical and new classical arguments on ineffectiveness of fiscal and monetary stimulus, i.e. proving that the stimulus does not influence real economic aggregates. These arguments include laissez-fairedoctrine and rational expectations, aggregate supply, and continuous market...
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