According to Keynes There Is a Difference Between Equilibrium Income

question 45

Essay

According to Keynes there is a difference between equilibrium income and potential income.Explain this difference.

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Definitions:

Technology Advances

The process of developing and implementing new tools, systems, or methods of doing things that improve efficiency, effectiveness, or capabilities.

Greenhouse Effect

The warming of Earth's surface and atmosphere caused by the trapping of the sun's heat by greenhouse gases, such as carbon dioxide and methane.

Genetic Pollution

The uncontrolled spread of genetically modified or foreign genes into wild populations, potentially threatening biodiversity.