Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 15, Problem 3E
To determine
To explain:
The difference between old and new classical economics.
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Differentiate between classical and neo-classical economics.
How do Classical economists and Keynesian economists differ in their perceptions of how well markets and prices function?
One practical limitation of the Classical or Neoclassical model is that it suggests allowing the economy to self-correct in the long run, but recessions may last a very long time. How severe is this problem and why? What is one example?
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