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Cause recessions - PowerPoint PPT Presentation

Macroeconomic Conflict and Consensus

Macroeconomic Conflict and Consensus. Classical Economics. Focused on long run only Short run effects, like changes in output, were unimportant Awareness of business cycle, but no consensus on how to respond to it. Keynesian Economics. Emphasized importance of short run effects of shifts

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Cause recessions - PowerPoint PPT Presentation

Macroeconomic Conflict and Consensus