Business Cycles

Economics- Phase (I & II)

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According to _____ a trade cycles is a purely monetary phenomena

Keyens

Hawtrey

Schumpeter

Nicholas Kaldor

Explanation:

Hawtrey describes the trade cycle as a purely monetary phenomenon, in this sense that all changes in the level of economic activity are nothing but reflections of changes in the flow of money. Therefore, “the trade cycle is a monetary phenomenon, because general demand is itself a monetary phenomenon.

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