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The primary factor that caused most economists to lose their faith in the classical approach to macroeconomic policy was "the Great Depression's prolonged period of heavy unemployment."
What is macroeconomic policy?
The functioning of the business as a whole is a concern of macroeconomic policy.
Some characteristics of macroeconomic policy are-
- Macroeconomic policy's overarching objective is to create a sustainable financial environment that lends itself to healthy and long-term economic growth, which is essential for generating wealth, jobs, and higher living standards.
- Fiscal policy, monetary policy, and exchange rate policy are the three main pillars of macroeconomic policy.
- This short describes the characteristics of every one of these policy tools and the various ways in which they might support steady and sustained growth.
- Changes in the amount and nature of government expenditure, the amount and types of taxes collected, and the amount and nature of government borrowing are all examples of how fiscal policy is implemented.
- Recurrent and capital spending, as well as the consequences of spending, taxes, or transfers upon private consumption, investment, and net exports, are two ways that governments can directly affect economic activity.
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