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The Classical Theory does not support government intervention.
The Keynesian Theory supports government intervention.
The government shouldn't be involved so that resources can be controlled by individuals and businesses in the marketplace
I think the government should be involved in order to control an economy's potential and actual output during a financial crisis.
I am supported by Thomas Malthus and David RIcardo.
I am supported by Irving Fisher and George Akerlof.
I believe Classical Economics is correct because it limits the intervention of the goverment and allows markets to operate without strict limits and regulation
Classical Economics - Laissez Faire approach -GS is not major market force -no regulation -supply creates its own demand
Keynesian Economics -Marketplace is imperfect -GS can jumpstart growth -Government policy can influence demand
Which Theory Is That? Stephanie Larrea
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