The position that classical economics and Keynesian economics were both correct is advocated by the monetarist school.

Question

Quizplus · Accepted Answer

Monetarist economics, founded by Milton Friedman, primarily focuses on the role of government in controlling the amount of money in circulation. While it shares some views with classical economics, particularly in terms of long-term market efficiency, it significantly diverges from Keynesian economics on the effectiveness of fiscal policy and the role of government intervention. Monetarists argue for a more controlled approach to monetary policy, rather than the active fiscal policy and government intervention advocated by Keynesians.

The Position That Classical Economics and Keynesian Economics Were Both