A comparison of the classical and the Keynesian models of income determination are given below: The classical and the Keynesian models, given above in the notational form, refer to the working of the macro – level economic system in three markets, i.e. product, labour and money. All the equations are functions of real values. Equations […]
Classical and Keynesian Models of Income Determination Compared
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Consumption Function: Meaning, Law, Features, Attributes and Equations | Economics
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In this article we will discuss about:- 1. Meaning of Consumption Function 2. Psychological Law of Consumption 3. Features 4. Technical Attributes 5. Saving and Saving Function 6. Equations of Consumption and Saving Functions 7. Importance or Implications 8. Factors Affecting 9. Measures to Increase Propensity to Consume. Meaning of Consumption Function: Consumption function or […]