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‘The debates between Keynes and the “classical” economists are only of interest to economic historians; they are of no relevance to modern policymakers.’
Member rating: No Rating | Words: 1586 | Submitted: Tue Jan 15 2008
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'The debates between Keynes and the "classical" economists are only of interest to economic historians; they are of no relevance to modern policymakers.' Discuss. In this essay I will be discussing the different views amongst the Keynes and the 'classical' economists. I will be identifying the main points in the debates between the two, and analysing them to see if they have any relevance to modern policymakers. To do this I will look at the different policies that were proposed by the two during the unemployment crisis in the 1930's and then compare to see if they hold any importance in the current macroeconomics environment. The term 'classical' is used in economics when one is referring to the works of the earlier economists such as Professor Pigou, Alfred Marshall, Thomas Malthus and John Stuart Mill, Adam Smith and David Ricardo. The classical theory model was used to make government policies up...
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