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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

A neoclassical economist and a Keynesian economist are studying the economy of Vineland. It appeal’s that Vineland is beginning to experience a mild recession with a decrease in aggregate demand. Which of these two economists would likely advocate that the government of Vineland take active measures to reverse this decline in aggregate demand? Why?

To determine

Opinions of neoclassical and Keynesian economist for taking active measures to reverse aggregate demand.

Explanation

There are different opinions between Keynesian and neo-classical economists.

Keynesian believed that government intervention or federal bank intervention is required to stimulate economy, if economy is under recession. If aggregate demand is declining, it will lead to low economic growth...

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