In this article we will discuss about:- 1. Introduction to Say’s Law of Markets 2. Assumptions of Say’s Law 3. Say’s Law in Barter and Money Economies 4. Pigovian Formulation 5. Implications 6. Criticisms. Introduction to Say’s Law of Markets: Say’s law of markets is the central pillar of the whole classical theory. J.B. Say […]
Classical Theory of Employment (Say’s Law): Assumptions, Equation & Criticisms
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Classical Theory of Employment: Assumptions, Equation Model and Criticisms
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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, […]
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 […]