Question

Use the drop-down menus to complete each sentence.

was an economist who led a new school of classical economics.

The concept of laissez faire refers to government intervention in the economy.

The theory that governments should assist in economic crises through fiscal and monetary policy can be credited to

Answer 1

Smith was an economist who led a new school of classical economics.

Classical political economy is a school of thought that prospered, originally in Britain, in the late 18th and early-to-mid 19th century. Adam Smith is one of its main thinkers.  

The concept of laissez-faire refers to Little government intervention in the economy.

Laissez-faire is an economic theory from the 18th century that resisted any government interference in business operations.

The theory that governments should assist in economic crises through fiscal and monetary policy can be credited to Keynes

Keynesian economy states that, since aggregate demand is unpredictable and unstable, a market economy will frequently end in an economic recession and inflation. And the only way to mitigate those is with monetary policy actions by the central bank and fiscal policy actions by the government.

Answer 2

Adam Smith was an economist who led a new school of classical economics.

• The classical economic is a section that focused on economic growth and freedom therefore, an advocate of laissez-faire policy.

The concept of laissez-faire refers to Little government intervention in the economy.

• Laissez-faire means an economic system that resisted any government interference in business operations.

The theory that governments should assist in economic crises through fiscal and monetary policy can be credited to Keynes.

• The Keynesian policy advocated for an increase in government expenditures and lowering of taxes to stimulate the demand of an economy.

Read morre about classical economic

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