Discuss John Maynard Keynes’s criticism of Smith’s free market assumptions
Please provide the best answer for the statement.
Answer: Smith assumed that market forces would ensure full use of all resources, including labor. All available resources are used and demand always expands to absorb supply. However, Keynes argued that without government intervention, the demand for goods will not be high enough to absorb the supply, creating unemployment and economic depression. The total demand for goods and services is the sum of demand from households, businesses, and government. Aggregate demand could be less than the aggregate production at full employment levels. This happens when households save instead of spend. However, according to Keynes, as spending falls, so does production, which results in less income for the household (because of reduced hours and layoffs). Keynes feels there must be a point of equilibrium where demand equals supply.
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The heavenly Quran and the Quran on earth are:
a. identical b. written in two different languages c. largely similar d. incomparable.
INSTRUCTIONS: Use an ordinary truth table to answer the following problems. Construct the truth table as per the instructions in the textbook. Given the pair of statements: I ? C and C • ? I These statements are:
A) Valid. B) Consistent. C) Logically equivalent. D) Contradictory. E) Inconsistent.
A study published in the Journal of the American Medical Association showed that postal workers who tested positive
for drug use in a pre-employment urine test were at least 50 percent more likely to be
a. promoted. b. transferred. c. honored for community service. d. fired, injured, disciplined, or absent than those who tested negative
What is the definition of humanism?
What will be an ideal response?