The concept of a self-regulating economy was developed by the classical economists and is advocated by some
Question:
1. Describe how a self-regulating economy moves out of a recessionary gap.
2. Describe how a self-regulating economy moves out of an inflationary gap.
3. Describe the implication of believing an economy is self-regulating.
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1 The surplus of labor that occurs during a recessionary gap drives down the wage rate sh...View the full answer
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