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New Classical economist

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New Classical economist

    • Posted by Ash Varshney 4 years, 10 months ago

    CBSE > Class 12 > Economics
    • 1 answers

    Samie ❣️ 4 years, 10 months ago

    New classical economics is based on Walrasian assumptions. All agents are assumed to maximize utility on the basis of rational expectations. At any one time, the economy is assumed to have a unique equilibrium at full employment or potential output achieved through price and wage adjustment.

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