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Micro And Macro

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작성자 Marlys
댓글 0건 조회 3회 작성일 24-10-01 23:53

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Economists implicitly assumed that both markets were in equilibrium—such that costs would regulate to equalize supply and demand—or that within the event of a transient shock, resembling a monetary disaster or a famine, markets would shortly return to equilibrium. In other words, economists believed that the study of particular person markets would adequately clarify the habits of what we now call aggregate variables, reminiscent of unemployment and output. The extreme and extended global collapse in financial exercise that occurred during the good Depression modified that. It was not that economists were unaware that aggregate variables might be unstable. They studied enterprise cycles—as economies repeatedly changed from a situation of rising output and employment to lowered or falling progress and rising unemployment, incessantly punctuated by extreme adjustments or financial crises.


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