Answered: Defend or Refute. “John Maynard Keynes…

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter23: Six Debates Over Macroeconomic Policy

Section23.2: Should The Government Fight Recessions With Spending Hikes Rather Than Tax Cuts?

Problem 2QQ

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Defend or Refute. “John Maynard Keynes rejected the theory of classical economics that there will be an automatic adjustment in the economy when there is a deviation in the economy from full- employment. Keynes added that the government should intervene in the economy by spending more to induce the income and spending of the people”. Explain your position.

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