Read Mark Skousen's article on "The Perserverance of Paul Samuelson's Economics." In answering the questions below, consider the problems facing the U.S. economy during the relevant time period.

Questions

1. Why might the traditional Keynesian model have been the primary focus of most introductory macroeconomics courses during the late 1940s, the 1950s, and the 1960s? Why was there little focus on inflation and monetary policy during this period?
2. Why would there have been little emphasis on the relationship between savings and economic growth during the period discussed in (a)?
3. Why did monetary policy receive a greater emphasis in more recent time periods?
4. Why is there now more emphasis on the relationship between saving and economic growth?