Neoclassical synthesisThe neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book The General Theory of Employment, Interest and Money (1936). It was formulated most notably by John Hicks (1937), Franco Modigliani (1944), and Paul Samuelson (1948), who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 60s, and 70s.
Neoclassical economicsNeoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production.
TroposphereThe troposphere is the lowest layer of the atmosphere of Earth. It contains 75% of the total mass of the planetary atmosphere and 99% of the total mass of water vapor and aerosols, and is where most weather phenomena occur. From the planetary surface of the Earth, the average height of the troposphere is in the tropics; in the middle latitudes; and in the high latitudes of the polar regions in winter; thus the average height of the troposphere is .
General equilibrium theoryIn economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts with the theory of partial equilibrium, which analyzes a specific part of an economy while its other factors are held constant.
Economic equilibriumIn economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers.
CycloneIn meteorology, a cyclone (ˈsaɪ.kloʊn) is a large air mass that rotates around a strong center of low atmospheric pressure, counterclockwise in the Northern Hemisphere and clockwise in the Southern Hemisphere as viewed from above (opposite to an anticyclone). Cyclones are characterized by inward-spiraling winds that rotate about a zone of low pressure. The largest low-pressure systems are polar vortices and extratropical cyclones of the largest scale (the synoptic scale).
Extratropical cycloneExtratropical cyclones, sometimes called mid-latitude cyclones or wave cyclones, are low-pressure areas which, along with the anticyclones of high-pressure areas, drive the weather over much of the Earth. Extratropical cyclones are capable of producing anything from cloudiness and mild showers to severe gales, thunderstorms, blizzards, and tornadoes. These types of cyclones are defined as large scale (synoptic) low pressure weather systems that occur in the middle latitudes of the Earth.
New neoclassical synthesisThe new neoclassical synthesis (NNS), which is now generally referred to as New Keynesian economics, and occasionally as the New Consensus, is the fusion of the major, modern macroeconomic schools of thought – new classical macroeconomics/real business cycle theory and early New Keynesian economics – into a consensus view on the best way to explain short-run fluctuations in the economy. This new synthesis is analogous to the neoclassical synthesis that combined neoclassical economics with Keynesian macroeconomics.
Tropical cycloneA tropical cyclone is a rapidly rotating storm system characterized by a low-pressure center, a closed low-level atmospheric circulation, strong winds, and a spiral arrangement of thunderstorms that produce heavy rain and squalls. Depending on its location and strength, a tropical cyclone is referred to by different names, including hurricane (ˈhʌrᵻkən,_-keɪn), typhoon (taɪ'fuːn), tropical storm, cyclonic storm, tropical depression, or simply cyclone.
Hadley cellThe Hadley cell, also known as the Hadley circulation, is a global-scale tropical atmospheric circulation that features air rising near the equator, flowing poleward near the tropopause at a height of above the Earth's surface, cooling and descending in the subtropics at around 25 degrees latitude, and then returning equatorward near the surface. It is a thermally-direct circulation within the troposphere that emerges due to differences in insolation and heating between the tropics and the subtropics.
