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- Fiscal policy
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– This is also known as demand deficient, persistent or Keynesian unemployment. – It is caused by aggregate demand in the economy being too low to create employment opportunities for everyone that wants a job. – It tends to occur in the ‘bust’ period of the trade cycle. – The Keynesian solution would be to boost aggregate demand (perhaps by running a budget deficit). – Monetarists would continue to remove market imperfections, as they feel that this will naturally move the economy further towards full employment. |
Fiscal policy
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