In this article we will discuss about the Keynes’s reformulated quantity theory of money with its criticisms. 1. All factors of production are in perfectly elastic supply so long as there is any unemployment. 2. All unemployed factors are homogeneous, perfectly divisible and interchangeable. 3. There are constant returns to scale so that prices do […]
Keynes’s Reformulated Quantity Theory of Money (With Criticisms)
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