Chapter 11: 18 (page 291)
Do neoclassical economists believe in Keynes’ law or Say’s law?
Short Answer
Neo-classical economists believed in Say's law.
/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none}
Learning Materials
Features
Discover
Chapter 11: 18 (page 291)
Do neoclassical economists believe in Keynes’ law or Say’s law?
Neo-classical economists believed in Say's law.
All the tools & learning materials you need for study success - in one app.
Get started for free
Suppose, after five years of sluggish growth, the European Union's economy picks up speed. What would be the likely impact on the U.S. trade balance, GDP, and employment?
Describe the mechanism by which demand creates its own supply.
What is the economic reason why the SRAS curve slopes up?
In your view, is the economy currently operating in the Keynesian, intermediate or neoclassical portion of the economy’s aggregate supply curve?
Suppose the U.S. Congress passes significant immigration reform that makes it more difficult for foreigners to come to the United States to work. Use the AD/AS model to explain how this would affect the equilibrium level of GDP and the price level.
What do you think about this solution?
We value your feedback to improve our textbook solutions.