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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Do neoclassical economists tend to focus more on cyclical unemployment or on inflation? Explain briefly.

To determine

Opinion of neoclassical view on cyclical unemployment and inflation

Explanation

Neoclassical economists believe in Say’s law. They believe in reducing inflation rather than worrying about cyclical unemployment. They believe in long-run approach. If they try to correct cyclic unemployment, it will lead to inflation, which will worsen the situation.

It is to be noted that unemployment exists in long-run even when economy achieves its full economic growth...

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