Describe Briefly What Are the Major Differences Between the Classical

question 36

Essay

Describe briefly what are the major differences between the classical economists and the Keynesian economists with regard to causes of business cycles,long-run adjustments to shock,and the government policies in restoring the full employment.

---

Definitions:

Central Tendency

Statistics referring to the middle or typical value within a dataset, represented by measures such as mean, median, and mode.

Mean

The arithmetic average of a set of numbers, calculated by adding all the numbers together and dividing by the count of those numbers.

Median

A statistical measure representing the middle value in a sorted, ascending or descending, list of numbers.

Mode

The value that appears most frequently in a given set of data, or a specific way or manner in which something occurs or is experienced.