Micro And Macro

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작성자 Alda
댓글 0건 조회 3회 작성일 24-10-02 00:18

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Economists implicitly assumed that both markets had been in equilibrium—such that costs would regulate to equalize supply and demand—or that in the occasion of a transient shock, akin to a financial crisis or a famine, markets would shortly return to equilibrium. In different words, economists believed that the examine of particular person markets would adequately clarify the habits of what we now name aggregate variables, such as unemployment and output. The extreme and prolonged world collapse in financial activity that occurred during the good Depression changed that. It was not that economists had been unaware that aggregate variables could be unstable. They studied business cycles—as economies often changed from a situation of rising output and employment to decreased or falling development and rising unemployment, ceaselessly punctuated by extreme modifications or economic crises.


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