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How does the self-correcting mechanism act to pull the economy out of a recession?
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- Who is John Maynard Keynes? What time period did he write? What did he believe about the market’s ability to recover from a recession?if the economy is in a recession, who is at fault?When an economy dips into a recession, consumers will often be relatively pessimistic about the future for an extended period time. How will this pesimism affect the speed and strength of the recovery?
- Does the graph above reflect a Classical Model or a Keynesian Model? How do you know? What is happening in this economy in the short run?What happens when an economy was initially in full employment, following a strongly expansionary monetary or budgetary policy?Define what economists mean when they use the word: “recession”?
- From a Keynesian point of view, which is more likely to cause a recession: aggregate demand or aggregate supply, and why?Has the United States economy effectivily recovered from The Great Depression?How can shipping delays and shortages of intermediate goods cause a recession? Why may these issues lead to a reduction in consumer spending? Consider how consumers change the timing of their purchases to reflect the market.