Compare and contrast the Old Classical, New Classical, Monetarist, Old Keynesian, New Keynesian, and Post Keynesian schools of thought. In particular, explain how these schools of thought differ in their views regarding price flexibility or stickiness, the economy's ability to self-correct, and income distribution. [Note: for income distribution you can focus only on the New Keynesian, Post Keynesian, and New Classical schools] Define the terms neoclassical synthesis and new-neoclassical synthesis Explain how current events impact macroeconomic thought, providing a few specific examples Explain the relationship between the views of economists, externalities (or market failure more generally), and views on human nature, based on our discussion in class

short answer for each