Define the classical and keynesian views. 1 min
Classical: Prices adjust rapidly to any change in market conditions in order to establish the new equilibrium. Keynesian: Wages are downward sticky, which means that disequilibrium may persist if caused by a shock. New keynesianists think that prices in general (not just wages) are downward sticky.
Classical economists believe technology is the main driver of productivity growth
Classical = Technology is key driver to changes in supply and demand. Wages move immediately so real gdp and potential gdp are almost in line. Keynesian = Wages are extremely sticky in the DOWNWARD direction and will never fall thereby bringing real gdp back to potential gdp with implementing some for of monetary policy