Question

Difference between a Keynesian economists and classical economists and their views on how they would respond to an economy falling into a recession

Answer 1

Classical economics emphasizes that unfastened markets provide efficient results and are self-regulating.

Classical economics means that the long time mixture deliver curve is inelastic, therefore any divergence from complete employment is most effective transitory. The Classical version emphasizes the want of minimizing authorities interference and operating to preserve markets freed from any impediments to effective functioning.

Keynesians declare that because of imperfect markets, the economic system can function at less than full potential for an extended period of time.

Keynesians consider that expansionary economic policy (authorities intervention) has a larger role in overcoming recession.

The Keynesian angle on lengthy-run mixture deliver differs.

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