Criticisms of Keynesian Theory of Employment

Keynesian theory of employment is considered as superior to the classical theory, because Keynesian theory of employment is more scientific and practical to classical theory. Despite this, there are many drawbacks in the Keynesian theory of employment. Economists like Miser, Hayck, Knight, K.K. Kurihara, etc, have criticized the Keynesian theory vary strongly. Some of the […]

Say’s law and Fisher’s equation (Quantity Theory of Money)

Say’s law also depends upon the classical quantity theory of money which is propounded by Irving Fisher depending on transaction approach. It states that general price level is function of money supply. Fisher’s equation is MV = PT, where, M is the supply of money, V is velocity of money, P is general price level […]