Economy, asked by parulthakur4170, 7 hours ago

Explain classical theory of income and employment in detail.

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Answered by patilshreya5362

1

Answer:

The Classical theory of Income and Employment states that full employment is a normal feature of a capitalist economy. The classical theory of employment rules out the possibility of unemployment in a free market economy. ... The level of income will be in equilibrium when aggregate demand is greater than aggregate supply.

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