It is asserted by some economists that because any individual knows only a small fraction of all that is known collectively, it is impossible to replicate the work of the invisible hand. This line of argument is associated with which of the following school of economists? (a) The behavioural school of economists; (b) The Austrian school of economists; (c) The ‘old’ institutional school of economists; (d) The Schumpeterian school of economists.

It is asserted by some economists that because any individual knows only a small fraction of all that is known collectively, it is impossible to replicate the work of the invisible hand. This line of argument is associated with which of the following school of economists? (a) The behavioural school of economists; (b) The Austrian school of economists; (c) The ‘old’ institutional school of economists; (d) The Schumpeterian school of economists.

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter1: Exploring The World Of Business And Economics

Section1.5: The Business Cycle

Problem 3CC

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Monetary Policy

Monetary policy means the process through which a central bank or other financial authorities manage the money supply in an economy. It is an attempt to reduce inflation and contributes to the stable gross domestic product (GDP) to lower unemployment. The monetary authority reduces the interest rate for price stability in a nation’s currency. The central bank of a nation governs monetary policies and controls the overall money supply available to banks and customers.

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(a) The behavioural school of economists;

(b) The Austrian school of economists;

(d) The Schumpeterian school of economists.

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