The Great Depression, according to John Maynard Keynes, was caused by people hoarding cash under their mattresses and not contributing to aggregate demand. This in turn, resulted in businesses being unable to sell their products, ultimately grinding the economy to a halt. Is this an accurate representation of what caused the Great Depression
The Great Depression, according to John Maynard Keynes, was caused by people hoarding cash under their mattresses and not contributing to aggregate demand. This in turn, resulted in businesses being unable to sell their products, ultimately grinding the economy to a halt. Is this an accurate representation of what caused the Great Depression
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter11: Fiscal Policy: The Keynesian View And Historical Development Of Macroeconomics
Section: Chapter Questions
Problem 1CQ
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The Great Depression, according to John Maynard Keynes, was caused by people hoarding cash under their mattresses and not contributing to aggregate demand. This in turn, resulted in businesses being unable to sell their products, ultimately grinding the economy to a halt. Is this an accurate representation of what caused the Great Depression?
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