This belief of existence of full employment based on say’s Law. Say’s law given by French economist J.B.Say. According to say’s Law “ Supply creates its own Demand” This implies that every increase in production made possible by the increase in the productive capacity or the stock of fixed capital will be sold in the market and there will be no problem of lack of demand. Therefore‚ Classical economists rule out the possibility of over production‚ and there is no problem in selling the output
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Cited: Bennett‚ William. “Leave Marriage Alone.” Newsweek 3 June 1996. “Let Them Wed.” The Economist 4 Jan. 1996. “Phyllis Lyon and Del Martin Make History Again.” NOW 13 Feb. 2004. 25 Oct. 2005 < http://www.now.org/issues/lgbi/021304lyon-martin.html >.
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Stiglitz‚ a Nobel Prize-winning economist‚ who wrote in his book‚ The Price of Inequality‚ the following‚ "Widely unequal societies do not function efficiently‚ and their economies are neither stable nor sustainable in the long term‚ taken to its extreme—and this is where we are now—this
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Berlin: Springer‚ 1996. Print. "Amazon: The Walmart of the Web." The Economist [San Francisco] 1 Oct. 2011: 57-58. Print. "Archiving the Web: Born Digital." The Economist 23 Oct. 2010: 67. Print. Auletta‚ Ken. "The IPad‚ the Kindle‚ and the Future of Books." The New Yorker. 26 Apr. 2010. Web. <http://www.newyorker.com/reporting/2010/04/26/100426fa_fact_auletta>. "The Books Business: Great Digital Expectations." The Economist 10 Sept. 2011: 63-64. Print. Brooks‚ Sofie C. "Publishing Words: The
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economics so that we can make well informed conclusions about public policies. Knowledge of economics is also important for making fundamental business decisions. This explains why a large companies employ economists to interpret economic data so they can make informed economic decisions. 3. Economists classify productive resources into four types: land‚ capital‚ labour‚ and entrepreneurial ability. The payments to these factors are‚ respectively‚ rent‚ interest‚ wages and profit. 4. The concept of
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interest rate will rise. Result: higher saving and investment. Result: Debate: Some economists argue that such policies to encourage investment policies would have no effect in an economy where there is already unused (idle) capacity due to uncertainty and lack of business and consumption. In such situation‚ more efficient policies would be to encourage consumption and lower uncertainty ( uncertainty (Keynesian economists). 2. Encourage investment from abroad Goal: increase physical capital (K) without
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Provision of Education - Public or Private? Classical Economists Classical economics refers to the studies done by a group of economists in the eighteenth and nineteenth centuries. They included Adam Smith‚ David Ricardo‚ Jeremy Bentham‚ Thomas Malthus and John Stuart Mill who believed that the pursuit of individual self-interest produced the greatest possible economic benefits for the whole society. Their studies were primarily concerned with the way markets and market economies work. They developed
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Milton Friedman was an American Nobel economist and his major concern was in the fields of economics and statistics. According to the The Economist‚ Friedman "was the most influential economist of the second half of the 20th century." He was also awarded the Nobel Prize in Economics for his achievements in the fields of consumption analysis and his demonstration of the complexity of stabilization policy. According to the "Lesson of the Pencil" video on YouTube‚ Milton Friedman used the pencil to
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Klein‚ states that there are many types of maps and charts used around the world.In total there are 22 different types of maps and charts‚ some are Valeriepieris‚ The Telegraph‚ The Economist‚ Movoto‚ and lastly Max Fisher/Washington Post.Each map and chart has its own way its suppose to be used.For example the economist shows the states acutal size.The telegraph notes that‚“the earliest invation lauched from these islands was an incursion into Gaul now France.The Mercator is terrible at estimating
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classical follow the basic assumption that 1.economy is in ful employment.... 2. the wages and prices are very flexible 3. there is no need of fiscal or monitary policy 4. the invisible hand make the economy self correctable 5. so the Aggregate supply curve is Vertical according to classicals so any rise inaggregate demand will increase prices not production Keynesian follow the basic assumptions that 1. economy may not be in full employment in short run 2. wage are rigid and prices
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