The Role of Neoclassical Macroeconomics in the Development of the World Economy
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v5i1.1643
Abstract
New classical macroeconomics plays a critical role in the global economy, with its theoretical framework emphasizing free markets, rational choice, and the importance of monetary policy. In the development of the world economy, new classical macroeconomics has promoted the liberalization of capital markets and encouraged international investment and trade. Through the theory of marginal productivity, it focuses on the relationship between wages and productivity, proposing to adjust wage levels to reduce unemployment. At the same time, it emphasizes the impact of monetary policy and rational expectations on lowering the expected level of inflation. New classical macroeconomics emphasizes technological innovation and free market competition, promoting stability and growth in the global economy. Its theoretical contributions to resource allocation, labor market, and inflation control play a positive role in shaping the development of the world economy.
Keywords
macroeconomics, world economy, new classical, economic development
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[5] Zhu Xiaolong. Analysis of the Driving Role of Highway Construction and Transportation in Economic and Social Development[J]. Transport Manager World, 2023(13):122-124.
[6] Han Yixuan, Ding Yuanyao, Zhang Zhen. Analysis of the Impact of Macroeconomic Tax Burden on the High-Quality Development of China's Economy[J]. Productivity Research, 2022(11):139-144.
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[11] Liu Jie. Analysis of the Effect of Government Macroeconomic Support on the Development of Investment Facilitation in Free Trade Zones[J]. Journal of Hubei Second Normal University, 2023, 40(1): 47-52.
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