Classical theory of income and emply
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Classical economists believe full employment is normal and unemployment is rare and temporary. They advocate for laissez-faire policies and argue government intervention disrupts the self-correcting market. According to Say's Law, supply creates its own demand so over- or under-production cannot occur. Classical theory assumes perfect competition, optimal resource allocation, expanding markets, and automatic investment of savings. Equilibrium in the labor market results from the inverse relationship between wages and employment matching the direct relationship between wages and labor supply. Equilibrium in the product market occurs where the direct relationship between interest rates and savings matches the inverse relationship with investment.
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The classical theory of employment posits that a free market economy will naturally tend towards full employment. It is based on two key concepts: Say's Law that supply creates its own demand, and wage-price flexibility such that the market will clear at the existing wage rate, ensuring full employment. The theory assumes markets for labor, capital, and money are in equilibrium. It argues that involuntary unemployment does not exist and that general unemployment is not possible under perfect competition. The theory was later criticized by Keynes for failing to account for unemployment in the short run.
Classical theory of employment
The classical model of employment is based on the assumptions of full employment, laissez-faire, a self-adjusting economy, a barter system, and a closed economy. It is based on Say's law that supply creates its own demand. The model assumes wages and prices are flexible and will adjust to achieve full employment equilibrium in the labor market. If unemployment occurs due to a fall in demand, a general wage cut will increase demand for labor and eliminate unemployment, restoring full employment.
classical vs Keynesian theory.pptx
The fundamental principle of the classical theory is that the economy is self‐regulating. Classical economists maintain that the economy is always capable of achieving the natural level of real GDP, which is the level of real GDP that is obtained when the economy's resources are fully employed.
National output or income was determined by real factors such as capital stock, state of technology, labour supply and in no way was affected by the general price level which was determined by the quantity of money. This classical doctrine is generally referred to as classical dichotomy.
While circumstances arise from time to time that cause the economy to fall below or to exceed the natural level of real GDP, self‐adjustment mechanisms exist within the market system that work to bring the economy back to the natural level of real GDP.
The classical doctrine—that the economy is always at or near the natural level of real GDP (full employment)—is based on two firmly held beliefs:
The assumption of the full employment of labour and other productive resources
Belief that prices, wages, and interest rates are flexible.
The general over production, and hence general unemployment, is impossible.
The normal situation is stable equilibrium at full employment.
The classical economist believe that the policy of laissez-faire guaranteed normal full employment. They had great faith in free and perfect competition, efficacy of the profit motive and price mechanism to remedy the temporary ills of the economic system and ensure full employment.
Prof. Pigou says, “With perfectly free competition, there will always be at work a strong tendency for wage rates to be so related to demand that everybody is employed.”
They treated money as a mere medium of exchange. (Transaction motive)
classical vs Keynesian theory.pptx
The classical doctrine—that the economy is always at or near the natural level of real GDP (full employment)—is based on two firmly held beliefs:
The assumption of the full employment of labour and other productive resources
Belief that prices, wages, and interest rates are flexible.
Keynesian Theory
Theories of Employment
This document provides an overview of two major theories of employment: the classical theory and Keynes' theory.
The classical theory states that employment is determined by the interaction of labor supply and demand in the market. It believes in full employment and that unemployment results from rigid wages or interference with free markets. Keynes' theory views employment from the demand side and says it depends on effective demand. Effective demand is driven by aggregate supply and demand. Unemployment can result from a deficiency in effective demand. The theories differ in their assumptions around flexibility of wages and prices and whether they examine things in the short or long run.
Classical theory of employment
In Macroeconomics Income and Employment are interchangeable terms, since in the short-run National income depends on the total volume of employment or economic activity in the country. As income and employment are synonymous the employment theory is also called income theory.
It should be clear to readers that the classical economists did not formulate any specific theory of employment as such. They only laid down certain postulates which subsequently developed as a theory.
Mb0042 managerial economics
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Lecture 13-14-Aggregate Demand Curve.pptx
This document provides an overview of aggregate demand and aggregate supply concepts in macroeconomics. It defines key terms like aggregate demand curve, aggregate supply curve, equilibrium output and price level. It explains how shifts in aggregate demand and aggregate supply due to factors like money supply changes, government policies, supply shocks etc. affect equilibrium output and price level in both short-run and long-run. The document also discusses concepts like Keynesian and classical aggregate supply curves, supply-side economics and price adjustment mechanism.
Aggregate demand & supply
This document provides an overview of aggregate demand and supply. It discusses the key components of aggregate demand, including consumption, investment, government spending, and net exports. It also discusses factors that can cause aggregate demand to shift. The document then covers aggregate supply, including the short-run and long-run aggregate supply curves. It analyzes factors that can lead to shifts in aggregate supply, such as costs, technology, and public policy. The document concludes by examining equilibrium in the aggregate demand and supply model.
Macro economics
This document provides an overview of key concepts in macroeconomics. It defines macroeconomics as dealing with the performance and structure of an economy as a whole, rather than individual markets. It discusses important macroeconomic variables like output, income, unemployment, inflation, aggregate demand and supply. It also covers concepts like the consumption function, national income, GDP, GNP, economic growth, and the limitations of macroeconomic analysis.
Macroeconomic
Aggregate demand is the total demand for final goods and services in an economy at a given time and price level. It is the sum of consumption, investment, government spending, and net exports. The aggregate demand curve slopes downward, showing that as price levels increase, aggregate output decreases. Aggregate supply is the total supply of goods and services in an economy. In the short run, the aggregate supply curve slopes upward as firms are slow to adjust prices and wages. In the long run, as costs fully adjust, the aggregate supply curve becomes vertical at the natural level of output. Keynesian economics emphasizes that economies may fail to reach full employment without government intervention, due to sticky wages and prices and a tendency for increased savings to reduce
Theory of income and employment chap 1
Theory of income and employment, classical theory of employment, say's law of market, supply creates its own demand, theory of effective demand
Keynesian theory of income determination
This document provides an overview of Keynesian theory of income determination. It discusses some key concepts:
1) According to Keynes, the equilibrium level of national income and employment is determined by the interaction of aggregate demand (C+I) and aggregate supply (C+S). This equilibrium is called the effective demand point.
2) Effective demand represents the total spending in the economy that matches aggregate supply. It is the level of income and employment where there is no tendency to increase or decrease production.
3) The effective demand point may be below full employment, indicating underemployment. Government spending can increase aggregate demand and move the economy to a new equilibrium with higher income and full employment.
Market Equilibrium, Equalizing Differentials and Occupational Choice
Covers market equilibrium, equalizing differentials and the factors that affect the occupations we choose.
Meeting 6 - Unemployment Keynes-Classic (Macroeconomics)
The document summarizes the key differences between classical and Keynesian theories of employment and unemployment. The classical theory assumed full employment and explained brief periods of unemployment as frictional, while Keynes argued unemployment could persist due to insufficient aggregate demand. The document outlines the assumptions and mechanics of both theories, including Say's law, flexibility of wages and prices, and the role of money. It also compares how the two theories approach concepts like interest rates, statics vs dynamics, and the roles of fiscal and monetary policy.
keynesiantheoryofincomedetermination-140303110359-phpapp02.pdf
This document provides an overview of Keynesian theory of income determination. It discusses some key points:
1) According to Keynes, the equilibrium level of national income and employment is determined by the interaction of aggregate demand (C+I) and aggregate supply (C+S). This equilibrium is called the effective demand point.
2) The effective demand point may be below full employment, indicating under-employment. Government spending can increase aggregate demand and raise income to the full employment level.
3) Determinants of income are aggregate demand, influenced by consumption and investment, and aggregate supply, influenced by the level of employment. The equilibrium between these curves determines the effective demand point and income level.
The Institutional Capital Model - macro economics
This document provides an overview of macroeconomic concepts and models. It discusses key macroeconomic variables like output, unemployment, inflation, and deflation. It also explains common macroeconomic models including aggregate demand-aggregate supply, IS-LM, and growth models. The document outlines monetary and fiscal policy tools and compares their effectiveness. It introduces the concept of institutional capital and new institutional economics, focusing on how institutions and transaction costs influence economic activity and governance structures.
Economics bhawani nandanprasad
This document provides an overview of various topics in economics including microeconomics, macroeconomics, finance, supply and demand, government interventions, elasticity, costs, market structures, pricing theory, consumer behavior, regulation, fiscal policy, monetary policy, and income distribution. It defines key terms and concepts within each topic at a high level.
Partial equilibrium study 20--8-15
This document discusses theories and concepts related to partial equilibrium analysis. It begins by defining key terms like equilibrium, economic equilibrium, general equilibrium, and competitive markets. It then explains partial equilibrium, noting it considers only part of the market while holding other factors constant. The document outlines applications and limitations of partial equilibrium analysis, including its ability to study specific markets in isolation but inability to capture interactions between markets. It also differentiates partial equilibrium, which looks at single markets, from general equilibrium, which considers economy-wide interactions. Price theory and competitive equilibrium are provided as examples of partial equilibrium theories.
Income_Employment.pptx
It’s time to check your knowledge on the concepts presented in this section. Refer to the Answer Key at the end of the book for feedback.
1. Mateus is a marketer for a consumer products company. His company is considering marketing a new breakfast drink, but Mateus wants to make certain that there is a sufficient number of consumers in his target audience to make the new product development process worthwhile. Which essential factor of market segmentation is he analyzing?
Accessible
Differentiable
Actionable
Measurable
2. Wall Enterprises is considering developing a new product for a market segment that has been identified by marketing research. However, based on the research, it appears that the market segment may be smaller than originally anticipated. Which essential factor of market segmentation does this reflect?
Accessible
Differentiable
Substantial
Actionable
3. Alma is analyzing the market segment she has identified for a new service to determine whether her firm can reach the consumers in that market within the constraints of her budget, given the resources of the firm. Which essential factor of market segmentation does this reflect?
Accessible
Actionable
Substantial
Measurable
4. Idris has been researching a potential market segment for his company’s new product. He is concerned that, although the product holds considerable promise, the advertising campaign would be beyond the company’s budget. Which essential factor of market segmentation appears to be lacking in Idris’s analysis?
Differentiable
Substantial
Measurable
Accessible
5. Which essential factor in selecting a target market refers to the ability to accurately determine the size of the market in terms of either sales volume or number of customers?
Actionable
Differentiable
Measurable
Substantial
Similar to Classical theory of income and emply (20)
Market Equilibrium, Equalizing Differentials and Occupational Choice
Market Equilibrium, Equalizing Differentials and Occupational Choice
Meeting 6 - Unemployment Keynes-Classic (Macroeconomics)
Meeting 6 - Unemployment Keynes-Classic (Macroeconomics)
keynesiantheoryofincomedetermination-140303110359-phpapp02.pdf
keynesiantheoryofincomedetermination-140303110359-phpapp02.pdf
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Job analysis is the systematic process of collecting information about the duties, responsibilities, skills, and working conditions of a job. It provides essential information for human resources functions like recruitment, selection, training, performance appraisal, and compensation management. The key steps in job analysis include determining the scope and methods for data collection, collecting information through methods like observation, interviews, and questionnaires, and developing job descriptions and specifications. Job descriptions outline the key duties and responsibilities of a role, while job specifications define the minimum qualifications and requirements needed to perform the job.
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The document contains multiple questions asking to calculate various macroeconomic aggregates such as GNP, NNP, GDP, NDP, etc. using similar income and expenditure data including values for NDP, GDP, consumption of fixed capital, indirect taxes, net factor income from abroad, etc. Each question provides the same data in rupees (crores or thousands) and asks to calculate a different aggregate based on rearranging the standard national income accounting framework.
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Consumer learning involves acquiring knowledge from purchase and consumption experiences that influence future behaviors. Learning occurs through motivation, cues that direct behavior, and responses that are reinforced. Marketers apply behavioral learning theories like classical and instrumental conditioning. Classical conditioning uses repetition and stimulus generalization to associate brands with positive experiences. Instrumental conditioning involves reinforcement where consumers learn through trial and error to prefer options with most satisfactory outcomes.
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The document is a detailed project report for the development of the Bharatpur-Deeg-Alwar road section of SH-14 in India. It includes a scope of work, key plan, villages along the route, features of the existing road, proposed typical cross-section, development work such as bypasses and toll plazas, traffic studies, civil and financial costs, and required approvals. The proposed project involves strengthening and widening the existing two-lane road to two lanes with a hard shoulder along the 91.6 km route.
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Marketing channels refer to the intermediaries used by companies to distribute products to consumers. Channels play an important role in delivering value by physically distributing products and providing supporting services. There are different types of marketing channels that vary based on their functions and characteristics. When designing a channel system, companies must consider objectives, customer and product characteristics, and available resources to determine the appropriate channel intensity and structure. Both choosing the wrong channel intensity and failing to properly manage selected channels can negatively impact sales and productivity.
Print media
Ms. Devyani Khobragade, the Deputy Consul General of the Indian Diplomatic Mission in New York, was arrested in December on charges of making false declarations in a visa application and underpaying her nanny. Her arrest inflamed anti-American outrage in India as government officials cited her diplomatic immunity under the Vienna Convention on Consular Relations. Arvind Kejriwal brought about a revolution among common people in India by making them more aware of their rights and influencing different political agendas. He formed the Aam Aadmi Party which won 28 seats in the Delhi legislative assembly, resulting in the party forming the next government in Delhi. These personalities demonstrate the importance of being truthful and leading by example
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The document discusses two Indian figures, Devyani Khobragade and Arvind Kejriwal. It notes that Khobragade, an Indian diplomat in New York, was arrested for visa fraud related to underpaying her nanny but had diplomatic immunity. Her arrest inflamed outrage in India over violations of diplomatic conventions. It also discusses how Arvind Kejriwal led a movement to increase political accountability, formed the Aam Aadmi Party which won seats in Delhi, and is now poised to become Delhi's Chief Minister. The document reflects on how these individuals' actions made the presenter understand the behavior of diplomats and the importance of leading by example and empowering people to understand their rights
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Classical theory of income and emply
- 1. Classical View of Employment Classical economists believe that full employment is a normal situation and unemployment is rare exception. Based on leissez fair policy and any govt. intervention create instability in the system. Unemployment is a temporary phenomenon Thus unemployment is a self correcting mechanism
- 2. Says Law of Market • “Supply creates its own demand” • There cant be the problem of over production or under production, • Symbolically, ΔO= ΔY= ΔE
- 3. Assumptions Perfect competition in both factor market and product market Optimum allocation of resources Size of market is capable of expansion Amount of labor and capital ca be raise in the market economy based on price mechanism Govt. adopts hands off or non-intervention policy Savings are automatically invested
- 4. Concept of full employment ΔI ΔExp ΔProd ΔY ΔCons. ΔY
- 5. Equilibrium in labor market Demand for labor It shows the inverse relationship between real wages and employment W=P.MPPN W= money wage, P= general price level MPPN= marginal physical product of labour
- 7. Supply of Labor • It shows the direct relationship between real wages and employment
- 8. Equilibrium in labor market
- 9. Equilibrium in Product Market Saving Function It shows that there is a direct relationship between rate of interest and saving
- 10. Investment Function It shows the inverse relationship between rate of interest and investment
- 11. Equilibrium