1. What do you understand by Classical economics versus Keynesian economics ? identify at last two differentiating...

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1. What do you understand by Classical economics versus Keynesian economics ? identify at last two differentiating factors? Economists, both professionals, and academics alike, are typically labeled as a classical or Keynesian economist: as a budding economist how would you label yourself and why? 2. Some economists (or commentators) argue that Government intervention in the markets through macroeconomic policies is required, while others may posit that prescribing macroeconomic policies to market disequilibrium are unnecessary and sometimes counter-productive as exemplified by politicians' use of expansionary policies for political gains?seeking to influence the outcome of elections to the incumbent's advantage. From your readings, personal experiences or research, illustrate how the use of macroeconomic policies may influence election outcomes and state to what extent it occurs within your political region, based on empirical evidence or verifiable examples. 3. Test the above assertion of misuse of macroeconomic policy for electoral gains in the Caribbean region by investigating the six regional countries listed below. Belize, Dominican Republic, Grenada, Guyana, Jamaica, Saint Lucia The test will involve the following: (a) Obtain the short-term external debt for the listed countries between 2006 and 2014. Determine which years between 2006 and 2014 had peaked short-term external debt. Use the link below to obtain the data and complete Table 1.1. htto://ilatatonirs.worldbank.orgidebUids/rountrviafia

(b) Establish in which year, between 2006 and 2014, were political elections held in the various countries. Use the link below to obtain the electoral information required to complete Table 1.2. Then indicate also in Table 1.2 the peaked debt years from part (a) above. httol/wynv.eloctionguicle org/countries/

(See Appendix A for further details) (c) Tally the total number of elections during the period 2006 to 2014 (d) Determine the number of elections that coincided with a peaked short-term external debt. (That is, elections occurring the same year as or the year after peaked debt) (e) Calculate the percentage of coinciding elections with peaked debt. (f) What did you conclude from your results and does it corroborate your initial thinking?

4 List two major assumptions in the design of this test and what are some of the drawbacks and benefits of using these assumptions.