How would you contrast and compare the various approaches to dealing with cyclical unemployment by Keynesian and neoclassical economics?
Q4. How would you contrast and compare the various approaches to dealing
with cyclical unemployment by Keynesian and neoclassical economics?
-Neoclassicals would suggest tax increases that stimulate productivity growth and labor demand. Keynesians would suggest increasing government spending.
-Both would suggest an increase in aggregate supply by increasing government spending.
-Neoclassicals would suggest doing nothing because the labor market will correct itself. Keynesians would suggest an increase in government spending.
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