Q According To Classical Economists There Is
Q According To Classical Economists There Is. It shows a simplified version of the circular flow of income diagram. Hence there is no need for the government to intervene and bring the economy to its equilibrium.
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The economists who generally oppose government intervention in the functioning of aggregate economy are named as classical economists. As a coherent economic theory, classical economics start with Smith, continues with the British Economists Economists Thomas Robert Malthus and David Ricardo. Hence there is no need for the government to intervene and bring the economy to its equilibrium.
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