Macroeconomics (Book Only)
Macroeconomics (Book Only)
12th Edition
ISBN: 9781285738314
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 16, Problem 5QP
To determine

Comparison between classical theory and new classical theory.

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The Great Depression undermined the credibility of the classical view. Correspondingly, the high rates of inflation and unemployment during the 1970s undermined the Keynesian view. Can you explain why both of these phenomena occurred?
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