Comparisons of Classical and Keynesian thought.
In the comparison of the two thoughts one must understand that Classical thought is one that has been around longer than Keynessian and it was in all probability the only real school of thought from 1776 to the 1930's.
The Classical thought is one that had its origins in Britain and with British's economists. As early as Adam Smith and until the great depression, most all economists were Classical economics.
showed first 75 words of 432 total
showed last 75 words of 432 total
wrong thing to do as this only spread the depression through out the rest of the world. This was of course a little more than the fine tuning as suggested by Keynesian approach.
In today's economy we will probably not relive a "Great Depression " due to the safe guards now in place with in our Markets by the Federal Government.
Joseph A. Schumpeter probably said it best " Economic progress, in a capitalist society, means turmoil"