Could you please just give a discussion answer for the following statement below. This can be in a standard discussion format. No essay format is needed.
Classical economist belief that quantities and prices adjust to the changes and forces of supply and
demand and that the country produces it’s potential output in the long run. On the contrary, Keynesian
economist believe because of price and wage rigidities the economy equilibrium output in the long run may be less than it’s potential output.
What is price wage-rigidity? Do you agree with Keynes assessment that wage price rigidity requires government involvement in the market? Why? or Why Not?
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