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Theories of income output and employment
1. A PROJECT ON Theories of Income, Output & Employment PREPARED BY ANURAG GELANI AKANKSHA GOSWAMI 1 STUDENT OF BHILAI BUSINESS SCHOOL BHILAI CHATTISHGARH
8. Much of his work took place at the time of the Great Depression in the 1930s.
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10. Keynesian beliefs can be illustrated in terms of the circular flow of income. If there was disequilibrium between leakages and injections, then classical economists believed that prices would adjust to restore the equilibrium.
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13. Aggregate supply function is a schedule of the various amount of money, which the entrepreneurs in an economy must receive from the sale of outputs at various level of employment.
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15. Findings And Conclusion Keynes assumed that in the short run, supply condition remains the same. As one can take supply side to be given, Keynes focused on the demand side. In the short run thus it is the level of aggregate demand that determined the level of employment and output. Given the supply side, the higher the aggregate demand, the higher would be the equilibrium level of employment and income, until the full employment is reached.
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