Note: the first time you go through each of these topics you should click on the following items in sequence.
dominated economic theory and economic policy-making from the 1940s through
the next quarter of a century. In the 1970s it was seriously challenged
and the basic model was modified to accommodate the need to explain the
real world experience of rising inflation and unemployment. Alternative
explanations of macroeconomic experience were also introduced: monetarism,
supply side economics, rational expectations, and real business cycle theory.