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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

Does neoclassical economics focus on the long term or the short term? Explain your answer.

To determine

Whether neo-classical economists believe in short-run or long-run.

Explanation

Neoclassical economists are modern-era economists who believe in Say’s law. They believe that supply creates its own demand.

They believe that there is no overproduction of any good in long-run. Demand absorbs all the supply in an economy.

Say maintained that the law of markets implies general glut(excess of supply over demand) cannot occur. This law implies that there is always supply for demand. There is no excess supply or excess demand in the economy. If there is some excess supply of a particular good or service, then there has to be to deficit demand for another good or service...

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