What is meant by classical models?
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Classical economists believe that the economy is self-correcting, which means that when a recession occurs, it needs no help from anyone. ... The Classical Model describes the economy in the long run - where resources are fully employed and everyone is working.
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The classical model aims to describe the economy by aggregating the behavior of individuals and firms.
According to the classical theory, the organization is considered as a machine and the human beings as different components/parts of that machine.
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