Why is the new classical theory associated with the word classical? Why has it been said that

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Why is the new classical theory associated with the word “classical”? Why has it been said that classical theory failed where new classical theory succeeds, —-because the former could not explain the business cycle (the ups and downs of the economy), but the latter can?
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Economics

ISBN: 978-1285738321

12th edition

Authors: Roger A. Arnold

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