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After the fall of the economy in 1929, what did classical economists believe to be the solution to the Great Depression?
wait for the economy to achieve equilibrium
What else can I help you with?
What does the Classical School of Economic thought believe?
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.
Do most economists believe that money neutrality has a significant impact on the economy?
Most economists believe that money neutrality, the idea that changes in the money supply do not affect real variables like output and employment in the long run, has a significant impact on the economy.
Some economists believe fiscal policy and monetary policy do not work very well.?
True
What do economists look at to measure a nation's overall performance in the global economy?
i believe its balance of trade
Who do Most economists believe that the main credit for bringing inflation under control in the early 1980s belongs to?
Congress
Was the Great Depression was caused by Franklin Delano Roosevelt's incompetence in foreign relations?
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.
What do most economists believe about the future of the business cycles?
Most economists believe the future of business cycles will continue to ebb and flow. They believe business cycles will continue to drive the economy.
What are the Major themes and concepts of classical school of thought?
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.
What does the Classical School of Economic thought believe?
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.
What is the difference between classical school of thought and Austrian school of thought?
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.
What do the Keynesians believe about the private sector?
As noted above, it is the so-called Keynesian economists who believe that the private sector is inherently unstable.
Do most economists believe that money neutrality has a significant impact on the economy?
Most economists believe that money neutrality, the idea that changes in the money supply do not affect real variables like output and employment in the long run, has a significant impact on the economy.
Some economists believe fiscal policy and monetary policy do not work very well.?
True
What do economists look at to measure a nation's overall performance in the global economy?
i believe its balance of trade
Is Pepsi a mixture or a solution?
mixture or solution
What was Mozart's time period?
the classical period i believe
What statement about the Greek classical era is false?
the classical Greek's did not believe in giving a human-like form to their gods.
