School of Economics | Macro Economics
1149
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15 May

Posted at 06:54h in SOE by
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DETERMINATION OF OUTPUT AND EMPLOYMENT 1. Classicals: The terms ‘Classicals’ was coined by Karl Marx. According to them, the economy will always be in a state of full employment, and any deviations from the equilibrium would be restored automatically through market mechanism.assumptions of the classical theory :-1. Full...