Question
a)Why does the Neo-classical school of thought regarding business cycles fail to explain the Great Depression?What was missing from their understanding of the macroeconomy? b)How
a)Why does the Neo-classical school of thought regarding business cycles fail to explain the Great Depression?What was missing from their understanding of the macroeconomy?
b)How would an economist of the Austrian school explain the extended duration of the Great Depression?What advice would they provide to policy makers at the time?
c)What policy would an economist of the Monetarist school recommend for Japan's three decades of "below target" inflation?
d)Have governments responded to the COVID-19 crisis with Keynesian and/or Monetarist policies?Explain
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