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What is Classical Employment Theory Explained about?
1. Classical economists believed that full employment was the natural state of the economy and that market forces would automatically correct any imbalance between supply and demand of labor. 2. They assumed prices and wages were flexible and would adjust as needed, such as by falling in response to overproduction to stimulate demand and hiring to reduce unemployment. 3. Say
- Author
- Vipul Dhasmana
- Language
- EN