How Do New Classical Economists View the Importance of Policy

question 253

Essay

How do new classical economists view the importance of policy rules and discretion in
macroeconomic policy?

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Definitions:

Supreme Court

The highest judicial court in a country or state, often having the final say in legal disputes and interpretations of the law.

Rule of Reason

A legal doctrine used in antitrust law stating that not all business practices considered to restrict trade are automatically illegal, but must be evaluated on their actual impact on competition.

Microsoft

A multinational technology company known for its software products, including the Windows operating system and Office suite, as well as hardware and cloud services.

Operating System

The software that manages the hardware and software resources of a computer, providing a platform for applications.