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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What was Keynes’s position on the self-regulating properties of an economy?

To determine

Keynes position about the self regulating property of the economy.

Explanation

According to the classical economists, the economy is always self regulating and does not need any intervention of the government to control its activities other than providing the military support. Thus, they demanded the Laissez Faire economy where the economic transactions of the economy are free from the government regulations, tariffs, and interventions.

According to the Keynesian economists, the laissez Faire economy fails to self regulate when the economy faces a situation in which GDP is at its natural rate known as the Natural Real GDP ((QN)

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