In this article we will discuss about:- 1. Propositions of Classical Theory of Employment 2. Assumptions of the Theory 3. Assumptions of Full Employment 4. Explanation of Classical Theory of Employment 5. Classical Model of Employment 6. Criticisms. The classical economists took full employment for granted, believed in the automatic adjustment of the economy, and, […]
Classical Theory of Employment: Assumptions, Equation Model and Criticisms
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Keynes Principle of Effective Demand: Meaning, Determinants, Importance and Criticisms
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In this article we will discuss about Keynes Principle of Effective Demand:- 1. Meaning of Effective Demand 2. Determinants of Effective Demand 3. Equilibrium Level of Employment or Point of Effective Demand 4. Less-than-Full Employment Equilibrium 5. Relative Importance of ADF and ASF 6. Role of Government 7. Importance 8. Criticisms. The principle of effective […]
Keynesian Theory of Employment: Introduction, Features, Summary and Criticisms
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In this article we will discuss about:- 1. Introduction to Keynesian Theory 2. Features of Keynesian Theory of Employment 3. Assumptions 4. Variables 5. Summary 6. Determination of Equilibrium Level 7. Theory of Income and Output 8. Keynesian Model 9. Policy Implications 10. Criticisms. Introduction to Keynesian Theory: Keynes was the first to develop a […]