Question: John Maynard Keynes suggested that in two theoretical cases there is no automatic tendency for market forces to return to full employment in recessions. Explain

  1. John Maynard Keynes suggested that in two theoretical cases there is no automatic tendency for market forces to return to full employment in recessions. Explain these two cases.
  2. What is Say's Law? Explain why Say's Law cannot hold according to Keynesian liquidity preference.
  3. How did Alfred Marshall make important contributions in his attempts to characterize the way in determination of supply and demand schemes?
  4. In which areas John S. Mill did significant contributions. How did John S. Mill's approach to economics differ from others in the classical school?

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