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

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11-09-2022
Mathematics

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

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rafikiedu08 rafikiedu08 · Answer 1 · 2022-09-16T08:10:10+02:00

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

Classical economics implies that the long term aggregate supply curve is inelastic, therefore any divergence from full employment is only transitory. The Classical model emphasizes the need of minimizing government interference and working to maintain markets free of any impediments to effective functioning.

Keynesians claim that due to imperfect markets, the economy can operate at less than full capacity for an extended period of time.

Keynesians believe that expansionary fiscal policy (government intervention) has a larger role in overcoming recession.

The Keynesian perspective on long-run aggregate supply differs.

To learn more about Keynesian economists and classical economists from the given link:

https://brainly.com/question/27961496

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