wait for the economy to achieve equilibrium
Classical economists claimed that free markets regulate themselves, when free of any intervention. Adam Smith referred to a so-called invisible hand, which will move markets towards their natural equilibrium, without requiring any outside intervention.
i believe its balance of trade
True
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results in lower levels of output and consumption than would prevail under free trade
There isn't one single cause for the Great Depression. Many historians and economists believe many of F.D.R.'s policies led to worsening of The Great Depression.
Most economists believe the future of business cycles will continue to ebb and flow. They believe business cycles will continue to drive the economy.
The classical school of thought emphasizes rational decision-making by individuals, based on self-interest and utility maximization. It also focuses on the importance of free markets, competition, and limited government intervention in achieving economic efficiency. Additionally, classical economists believe in the effectiveness of the invisible hand mechanism in allocating resources and promoting overall societal welfare.
Classical economists claimed that free markets regulate themselves, when free of any intervention. Adam Smith referred to a so-called invisible hand, which will move markets towards their natural equilibrium, without requiring any outside intervention.
A major difference is from whence value comes from. To classical economists like Adam Smith, the amount of labour needed to produce a good determines it value. Taking their cue from the Austrian School's founder Carl Menger, Austrian economists believe that subjective consumer preferences determine a good's value. Since consumers decide subjectively whether or not a particular good is valuable and is properly reflected in prices, this affects consumer behaviour and hence demand and supply.
As noted above, it is the so-called Keynesian economists who believe that the private sector is inherently unstable.
i believe its balance of trade
True
mixture or solution
the classical period i believe
the classical Greek's did not believe in giving a human-like form to their gods.
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