Asked by
Gabby Andrade
on Oct 13, 2024
Verified
Laissez-faire economics was advocated by
A) both Keynes and the classicals.
B) neither Keynes nor the classicals.
C) the classicals,but not by Keynes.
D) Keynes,but not by the classicals.
Laissez-Faire Economics
A market system with minimal government intervention, where private parties are free to conduct business as they see fit.
Keynes
Refers to John Maynard Keynes, a British economist whose theories on the impact of government policies on economic recessions and depressions have significantly influenced modern macroeconomics.
The Classicals
A group of economists in the late 18th and early 19th centuries who believed in free markets, free trade, and limited government intervention in the economy.
- Acquire knowledge about the differences distinguishing Keynesian economics from classical economic principles.
- Delineate the concept of Say's Law and assess its impact on the foundation of classical economics.
Verified Answer
MH
Learning Objectives
- Acquire knowledge about the differences distinguishing Keynesian economics from classical economic principles.
- Delineate the concept of Say's Law and assess its impact on the foundation of classical economics.