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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

Why is the new classical theory associated with the word “classical?” Why has it been said that classical theory failed where new classical theory succeeds—because the former could not explain the business cycle (the ups and downs of the economy), but the latter can?

To determine

Comparison between classical theory and new classical theory.

Explanation

Both the classical and new classical theories are associated with anticipated policies which is, the reason behind the word classical connected with the new classical theory. The classical and new classical theories forecast that the real GDP rests at its natural level, and the new classical theory accepts the concept of classical dichotomy...

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