Question

List the criticisms of the Classical Theory on the determination of equilibrium income, output and employment as put forward by Sir J. M. Keynes

Answer 1

Keyness economic are various macroeconomics theories about how in the short run– and especially during recessions – economic output is strongly influenced by aggregate demand . In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy ; instead , it is influenced by a host of factors and something behaves erratically, affecting production, employment, and inflation .

Explanation:

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