The Classical Economists Believed That the Economy Automatically Move Toward

question 59

True/False

The classical economists believed that the economy automatically move toward equilibrium at full employment.

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Definitions:

Legitimate Power

The power a person receives as a result of their position in the formal hierarchy of an organization.

Referent Power

A form of influence based on the charisma and interpersonal appeal of the power-holder, rather than on formal positions or commands.

Virtuous Power

Power exercised with moral integrity and for the greater good, often characterized by fairness, justice, and a concern for others' well-being.

Bertrand Russell

A British philosopher, logician, mathematician, historian, writer, and social critic, known for his work in mathematical logic and analytic philosophy.