Explain the difference between the classical theory which asserts that a market economy is inherently stable and the Keynesian perspective which believes it is not, and what it means for management in the global economy.

In your answer, please describe the different phases of the business cycle. Define what is economic growth and what can cause an economic slowdown. Please include comments related to the economy circular (including leakages and injections); identify the various forms of unemployment (seasonal, frictional, structural, and cyclical), and problems associated with measuring unemployment and inflation.

When describing and analyzing the classical and Keynesian perspectives, please explain their respective approach in tackling economic business cycles. Do make reference to the multiplier effect (to define) where appropriate