Macroeconomics- comparing classical economic theories and keynesian Essay

Macroeconomics- comparing classical economic theories and keynesian economic theories - Essay Example ion, 1930s and General Theory of Employment, Interest & Money, published in 1936 is acknowledged as the best one of his life time efforts (Skousen, 2001). This essay makes an attempt to compare the classical economic theories and Keynesian economic theories. The essay takes a descriptive approach where economic theories of two different periods are compared and contrasted from three angles, namely beliefs, theories and policies. Firstly on the basis of beliefs-Malthus, one of the classical economists believed that, if increase in population was not enough to depress the rate of long term growth it would affect the diminishing returns. And also believed that to ensure growth the government should adopt laissez faire approach which included free trade and free markets. In addition to this, Adam Smith, the Father of Economics who introduced the notion of invisible hand supported the economic activity and led to optimum equilibrium (Stoft, 2002). They also viewed if there is disequilibrium between leakages and injections then the price would adjust to restore equilibrium. In spite of these beliefs they were not much happy in the initial periods but later they had confident with them that their approaches will lead to success in the market. But all this beliefs were strongly opposed by John Maynard Keynes in his Keynesian theory. He argued that the market will not reach to equilibrium at full employment but woul d reach at any level of unemployment. And also argued that need for government was not essential to interfere in the market to manage level of demand and it was the level of output restored the equilibrium and made the leakages and injections equal through his multiplier effect. Secondly on the basis of theories-the classical economist views that free trades and free markets should be adopted to encourage growth in the market. And the government should handle the situation if there is any imperfection that prevented free workings in the market by using supply

Any topic that relates to confidence intervals, hypothesis testing, or Research Paper

Any topic that relates to confidence intervals, hypothesis testing, or regression - Research Paper Example For this purpose, researchers chose optometric practice and business involved in it. In relation to the main objective of the research, it also determines the level of significance for each of the independent variable identified on customer loyalty. Finally, it put forth certain recommendations for improving the influence of independent variables on customer loyalty in optometry practice. Hypotheses Tested The research paper set out three research hypotheses to be tested out by quantitative testing of survey data collected in the study. â€Å"HA1:   There is a relationship between customer satisfaction and customer loyalty within an optometric practice. HA2:   There is a relationship between trust and customer loyalty within an optometric practice. HA3:   There is a relationship between commitment and customer loyalty within an optometric practice† (van Vuuren, Roberts-Lombard and van Tonder 87). Population The targeted population for the study comprised of patients of a n optometry practice. Only those patients are included in the population who have visited the undisclosed optometry practice two or more times in the last six years. Variable Measured There are three independent variables including customer satisfaction, trust, and commitment. ... One of the types of exploratory study is Experience Survey (Churchill and Iacobucci), which has been used in the selected research study. A detailed survey has been conducted to collected responses from patients of optometry practices. Sampling and Sample Size The study makes use of non-probability sampling method along with convenience sampling technique. Non-probability sampling method involves selection of respondents from a relatively larger population. (Babbie 199). The study also makes use of convenience sampling technique, which requires the surveyor to simply request respondents to participate in the survey and it is their own will to either accept or reject the request. The survey in the study is conducted at the premises of optometry practice chosen for this purpose. Patients visiting optometry practice were requested to participate in the survey if they met the initial criteria of selecting the population. The survey was concluded with 357 questionnaires completed by patie nts during 8 weeks. (2) Statistical Methods The study is quantitative in nature, which uses statistical methods for analyzing data collected from the structured survey questionnaire implemented in the study. The methods used in the study include descriptive statistics, which determined the frequency of allowed responses for each Likert Scale based statement. Likert Scale allows respondents to choose their responses from a selection of designated responses allowed to them by the researcher. In the chosen study, five point Likert Scale has been used (Monette, Sullivan and DeJong). The study performs calculation of Cronbach Alpha for assessing the reliability of responses. Furthermore, the study also