Question

A key distinction between the keynesian and neoclassical economists is that keynesians believe the economy exhibits a ________ aggregate supply curve and neoclassicals believe it is ________.

Answer 1

A key distinction between the Keynesian and neoclassical economists is that Keynesians believe the economy exhibits a flat aggregate supply curve and neoclassicals believe it is vertical.

Who is John Maynard Keynes?

John Maynard Keynes was a famous British economist during the Great Depression and he was born on the 5th of June 1883. During the Great Depression, John Maynard Keynes advocated and promoted expansionary actions to encourage economic recovery.

What is a supply curve?

A supply curve can be defined as a type of chart that is used to graphically represent the total quantity of goods or services that are supplied to consumers at a given price.

Generally, a key distinction between the Keynesian and neoclassical economists is that Keynesian economists have a believe that the economy exhibits a flat aggregate supply curve while neoclassical economists believe it is vertical.

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