Classical Theory:
Total output is insensitive to the overall price level. Prices change quickly to erase any excess supply or demand in markets.
Kenesian theory:
The economy can experience long periods of persistent unemployment. Monetary and fiscal policies help in increasing the employment.
In Kenesian theory, investment determines output or investment has a multiplier effect on output.
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Total output is insensitive to the overall price level. Prices change quickly to erase any excess supply or demand in markets.
Kenesian theory:
The economy can experience long periods of persistent unemployment. Monetary and fiscal policies help in increasing the employment.
In Kenesian theory, investment determines output or investment has a multiplier effect on output.
UC Berkeley Lecture
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