classical economics  a school of thought that assumes that real national income is determined by aggregate supply, while the equilibrium price level is determined by aggregate demand
Keynesian economics  a school of thought that emphasizes the role government plays in stabilizing the economy by managing aggregate demand
Keynesian region  the portion of the aggregate supply curve at which prices are fixed because of unemployment and excess capacity
monetarist economics  a school of thought that emphasizes the role changes in the money supply play in determining equilibrium national income and price level
new classical economics  a school of thought that holds that changes in real national income are a product of unexpected changes in the level of prices