Shady Majoial an B,AQN Ceamemien Tira Sem. oO Papen + Indrsabralony, macroecernemich Semim— Re\A-2¢ Teacher Hanne | Da DECEMBER KUMP GoAeye } Merkhamdi Cordele UrKW Cape Chared Gooner, (mane Shuck sun), Tropic — Cehacker-3, clerk Macroecemumcer(ty: cuspict dened empatorymvenst ) Reference Bool! Richard “TE Frcyem Caevay, pacrsecememics 1 Thearles ancl Poictes C Jot ed.) Pearson , chapler—2 Bl Thre Skaarkwa Point The Kev tacncecmemity axigmaled inane [¢304 6 TRE Werth Aepreonion Shak began in aq addled wiyercy te the SAMBA ch macrcetonemle querhins. “he Qreduck of Yala erenteh Wer Neeeriers ohne biviners cycle ancl Pally prescuphers ter SARBGizimg, Cconeric achwWy. one, Areerg. and sek of Paty Corctusions Swegt re Yet aud became c amend cathedercy ir nAenatcenmnnis: nengick “Tive Deel Contadaing A Sheany O88 TS Gemane® mers. “B Emmetogmench, Imbenast anol memes bY. Teh Magrand Keymes , cmel tre Process od Change in “he Kepreniim mavetation. Quk nevesattion agaist chat? terak Wor Are eth ankrodey? Weyer termed i carical Stemewenice, and (hE the body ef aacroccerumic precy trot Wwe sdusly im Hus charter. whe ideas trat formed he Keynesian tevatelion, af cetl ey Whe erectution of theve ideas Im dre Post Keynesian Period , ane Contral fo our analysis. A pPreresecnte for trig analyny He Kmorbestye of tne Clrssicad rystem “hot kanes otlrcked. Kegmes ured wwe term classical fp reden be Wrtuadly ace Peomemints whe hare waritem on pmacweconomit. girerhins bedore 1936. Wane Comrenctional Tervmimatogys tem hngulses be tw eer furs Perieds in the olerelprment af ecemomae nears before 1990. Fre Hud termed Classical & dye Perio demmruted by re ewer L Adam Smith anol others: PF WE serend termed Me necclasgiaad Period \ask as ity mort Premimemk Emin, repregenckakves ALPred parshall and AC Pixel Scanned with CamScannerWo Carrico etomemiats , pre SRuulibrliny Bevel of ® | Cups ak omy Lrme was a Poort ob Pung SE emeteymnents + @ Pomk when acral eypuk wes esa to Pobemhed odd) » Clarsjed equitthatim ecomemics ercarmuimesd pre acto stra deleamined Sre Level af Rusa emedogrmenst owed along with fhe associabed Levels of otiwer tmponhact | Oagangoles, Such ad employment, Pures eveges cand enters tales Gn tog. chest Rene tation. ° ersical Ceoumics emeryed S4 A revedution ogarnok a bed ap economic. cloctrnes Known as Mmercantitinnn Toe Kemets Oy menrtantifiam ast Were 5 1) Bartimcyen, a beter’ that He weatth amd favor * rath ware cleberminecl bY iA Sdock of Arscious mekald 2) wre belie} (rn We Need far Slate aclin fo clinect we Aevelegmert OL tne Capitalist syabeny Mas, dee Theakunes ob Bre classical amatysis anrore as tant eR ARE aMack mH mencank tlym! A) CLasrical ecomemics Stacwed tye nate } neal as opparedto omenelory Secters In atpbevminims ouleat anol ermpatonymenct mney hacl a rele Im he etonema ony 05 A reams iy Crebnse 2D classical ecenenmics Strvervecl re reth- ackuahing Aonslemeres Op AR] etomemyys Gevernmenct Palicles do ensure an aderuate leimanel for output (were Conriclerer by chayiak ecementsts de be unnessary ancl %enerotty harm july we Hem med Aone onede® Corbruched by clayicall econemoste Ao Support these Seridions : OO Ren netationship om the clarrial onoded & the Qreduclion gametion “wwe Croduckio agpemchion , ehh . Atchnale sy Tmobivvdrol Siders , ba % bayed on Ke | pepveen the Lerch ap cutecd and Ye Lovet J | Rackor gers, Fem each Lerl of inputs; tre Predackon Aamckion Lahey are renders, tel of coke and & caniiten a8: y= PCR) ——@) 7 Scanned with CamScannerwhere Y — culpa i) a sted Carpibed Uy asumed. rho be Bncedl , ay Trottealed by Hre MD over “he SrypeboS. $02 Cagivel « H she quency of tive humeyennss Habour input - wre. Shake o eclynadsyy and Sve Cogudstion gre aro axpaned, bo be Comp tart ever wre Perod Cammivencd + Fen Ads Shek fam fatied, oulpu eaics Sate uvh venietirnd yee ssc Tends CHD anewn Bnem Ane ined Papadaction « (Taboo 21) Ge mumbo im “Fable Bl Utastrale the Pandamendtal pudationshig belweem a chanye On elabour npuk avd we ook Abralting Change em gutpat, hebsling we Cotte skeet) Co : She Yabkeds Haare ane fletted da Figs Bla and 8.26 ~yarte 3.1 TYRE: Rebsking io bee cupah “hanced, Cagital Shockt and Labour Nclavoun Y= obec Ayan = Mew A ° p : 2 is te Comskanct peburng - 2 2° jo - > 28 € i as 5 Diminishing sehr _ ot ae \ 1 a . 8a -2 Negative sehens Scanned with CamScannerbn Pawe 310, HHO Production umckion, y= PCK,N) ® : 2 , Iretlcakes She cuiput trod wroudd be Prodicad by are |pdivect tikiWicadion of each Menel of Dabour trpud. Wm Hepre B1b, we Piet tre charye tm output Qcrem a change tm Dabour tnpat. “Tus 4 the imarginal Lrootuct oy Labour (MPN). We men & tre akoge AY Me Production, Finck CAy/an) in Fagpre Bla. Figure 3:1 Pneduction Function anol MPN Cures Conphek Diewrenihinge | pehens aatams | Nephre aehoms Scanned with CamScanner 4Wrhe carye of Grshoucd mrehows te Seale oy N Trovenves | @ Awe aleee oy re Uline Ho Gul. Aa nrane Loonjers ore Wired, WRESEVER, Kee ope become megobive ; (mohicabing Hak atkhaugh Whe, TmanymaQ Predack of each Warner Wired G eankre, (hg Less Ahram Gre menginnd Groanck a the Crevios Warner” Ths OneA Segrerents Alimadaninking urehides te Seale . Tre messin’ Rrcdnck «R Sne additene® cermer ts pelo the harizental eres Re SEA of megakive meltarsto Scale: TRS Shard ram Kreduction —Rametion Eiatred in Fisine Sila be terhmaseyical retahionp Yrat debvrmaines tre Larel of owe sven Mine Hevet ap dabeur input. The Capilal stoue , alery earth Ye cralsding Awl of technalosg and Seid tered gf he coonkPoce , i beiry Ketel Conplech classiced Cconemniasts arsunred ARE quantcly 2 Naor. ermptayesl Ported be Re Sepernesl ta the et of dere anak Sue im me Llabauw Onraret BY Emptosorenct jhe hattmark of clawical wtabour mmaaket amatyds G tre comnption tray the market erry weal > AW, Demand ye See has SE Apinenale demons fer Raber § clebamoneel we begin bs Considering Une demand Sor Gabon athe ach than Frottvtdn “Baan , clemeted ire ith Sram: bn the Clasatcad model Weivms ONE Rerkeck Competitors 4Katt cher Wher otpat be Centincinekne: Raith» Im Ane Cenctey Compan “Rta — Mc=Ne MR =PCenee) = Ww MO Won; G» Pewee cre vepeak ene, grangeted Coat en Se Be ith Blam (MC)) 4 exual to He trove, waye (W)) clviled by Yre qrarginal Prooluck op pabaur Jor that Pram CMPNi) « Scanned with CamScanner ~The Concthin EOL Shark mam Crekik omapcimization in the Perdecby Come thihve mantet —es wey en Ww _ (3:3) MeN; men, = WE @Yy e Prenkik reramarmnization Cenoiition Combe erplrinel] 05 Jattewas: Wwe Luv will hone AP owe Corey where the aadalivieral cutpad obtained Joy sung one mare worker (MPN) 4 sext i d . nclition ejuat fo qe vol waye C WIA) fail fo hie shed wanhen+ “the Ce spor profit omamimmization jn esteation (34) 4 jolusctre teed In Fige 32: Figure 3-2 Labour pemand Jon Hien °o 3 f Conpheypre phe Condition for prod on ancimi zation domed at the pot where, reek Upge Cup) egualed with epue. MPN, 24 Shown vr eqpedion(4) + ‘ peas waxe(B) = 3 wonleers —— Pornt D In onsten de get Hee dum to hine more. abou he neal Wase msc fot heceune spre acbihinad oujprt Produced by ereh addikimal wonher 4 clecLinirs yuo. plemand ore fon Abowd oh am Ccorarmywicle aggregation 0) the jrduvidual jams plemancl Cums Lar eas wage PA Curve ill Sir Yue Siem of TE Guankitees a) Labour. (ngect ly the ums, iin the Elanemg. . we wre hs agyeyabe Sabo don CNY as xen NO do (2B) where imine agpegove, 04 solth Co roliviseiad Pres ain Mmenesve tm creak wage tewend ne demansl Son. Labor Scanned with CamScannerLive Setar = “We Laat avetihionship Meccerans “fay deterwnund, Crop bermest and ovtpek mane Chortrend Aoptem O re abou) ‘Sueppbay Core. a Labour rerwicey ane suppiien| by trclrtdnal Worert. carstical oa oR AD Segemdds Paritivedy wl Avex WE trolivicua Cemencnd, OVER Goods oncl Semiees pamol Lerwne. Were is ho. trode Sh berceen tre feo Sposlag because Wn BA WORK, Whidh reeices available WLelyune ty weren yo Cornve Ly imenensed os tok ee 322 Cremrmple , how Imelyirclual J attecales ne QY- how, em Detatne Hers ame hh HWS) 3 Inova’ coon op nels oakesl *(NP) 4 the che OMS wh Sabon. Figure 2.2 ndurtrobes the we acing “re (mokividuad. Figen 3.3 \mdividsad Labour Sugrty cealsion a a) Income Lei TKade-of f ( goat worm te OY AN Newry oof Leiaune e b) Labour Suypty Cure 6 S a Hews of Wore per clay, canned with CamScannerfasta depicts the |wslivideat’s Jebour- Lersane Choire. The imrtlead toi Suppy dabeus (W$) up de the fornt where the sale of Which dabeer Ono be traced Mea Reimar im pre manket flee, BA b oyivem by IE seal wrege (w/P) and & eguabed colth the pare at Llich Are inckividuod G willing to frase DebourC give uP Seine) IM metiom for mesme, whith Mmeapre by the Pope oS Swe wabiviliaDs Iolo wenenee cuowes (UU Us) + Im Pigan€ 236, WE Comstrnck Wwe Gaboun Suppdy Coe Fer ane AW imclivicduoll + Ws supPty curve Comsinhs of Porhy Stehas A,B and Cc rem pginve 3.20, BAIS, Re amount 7H labour. we imolividead coll Supply ah ach neal Waye. Ws Agsrvegate labour Suepty curve Gan be canishem af; nS g (4) (PD “Teo Realines a tne aorricad Uebou Qugrty Wreany Aegan sfuler Cammech — > Fn, mek hee SRE Wave VarehOe J Yhe neal YALL. Leber Suppty & delernimed by ME end aay OTZe, het the rmemey wage: The worlaer neceVves whiliy uthmalety tren Comtimphan,amel on onateing the ofaboug— timc decision, the rmolviol § Cemareenerel coh the Command eve, goods ancl Sewers necerrecl Bera Wich oh abour - Secor, b3 THE Constrnctiom o& Hgpre 2.4 re labour Su¢phy Ove 4 Porkvety stoped mane Garou b arnuned to be Supptreol at hiyket nek wage Julks. Th neta rojiects tre. Back thak a Wye, peal aye pale means.a nigher Price Sher Leldene Un KOA Of Ranegene, (mca 1 Ak AMag highey Qre€ » WE artis Amok Rre uonner Al Choore Jew Selmore. TNS ereck analoyous Ye Yee Suastdaltan ettect In Wwe, sears o$ Correr alemard. —theveS omncbher edgect: he ejevakend at twe (meee efbech Vin Commie clemanel whee. Ais, the pend Wye by weye Imcnreasen, WE One Scanned with CamScannerobbe bo achere a Myhe, Sereda peal Incomes arm, © BenQ, Lewre ony beemné pmave olerirable odalure go deen ireovementd tm Imeome: WiVh Suicemive Imuveave vr peal Uafe QR Point may be acachel at ulrch dre warher Chooses fo Sweety Les fabowr as he real wage imeerses anal Lnvumes mene cLeibune Ak ths, point the Imeeme extbet owtwerghs tee Swhabibwtion Srfecty the Llaboug Auphll Curve argume$ A negehing tore amd bercls back Loands the verted ards» plomort Cerlaimby, at trebremely high waye pales we would Hes a hackwarvl bending poston ay the. Bake Supely Cowe. mol Peuhapd were paled reeds mot be So erctnemnsy” Wah - SS Eputbibriwin oulpd amd Employment Se Far re Jodloorg rdlahiensios have been clenive sk! Yo FCKN) — aggregate Proctuction funchion Gi) ute ¢(4-)-clabour abomual Scredule (38) | n° = 325) — dabour Supply Schectute re wk ne taenreP , Aoyelrrer Loilirrtre egullddotin Cosson tor the Jabous Omanloet — __@ dehrmne owprk, Employed amd ire. read, LOE ad eyitaatinn LybhGn Ane, cdasnical cache Ly Wade im Aeyere BA Gah & Shoor We dalrouninsdin of ne, epaLLERoRr vel ob Emadorrmens® Qe) ound “re, reas. wage (HF), ody Lre Camb eB mkerveckion between te aggpeso te, Ustour olemunel amd labore Supply. Uewer. Try eyutiertion swerved} Asbo avd (He) nenalls Gr Or epuuititnin Level 28 out (Yo) afon ty Were Cnealuebion Burch, a4 thew In Bre Bib Scanned wih CamecannerFignre 24 Charsicad culpa ore emptied fhewy, © 0) Labbe mantned egui-OUbak ur a wre neve 1b) Dalat dDekerrmtraion y ~~ ye Rm) = We Sevemmeds ag, cusp dnd emploryredt lm ore Carri madd, the Bacar, fect dabownine Caled ancl employment ane Brave Badors trek clebermine tre RomWes Bo tne Mabern Sunt anol clémoned cues and tHE Porbinn af phe aggreyale freokuction function, The Qreduchion tanchon S bhwbVeal by Aecheieal Shaye. traf atlas Ire Amourt of cued Jordhanung or given ined Sevels Dy ermebesl im Qanne Zils Qhe Producan orckar abyo ARBs 08 WE Aagia® Ao Crary Over Wwe oH D Cammen “yeahne ce yne Ratlors olebereninting on Qa we. Claspieal mocled J thet ate gne varalde orf becky : pmanret “Yor outed «nthe Chasen moot , tre Levels of Tale apie col Sodety by Sugety, sacle > Fiynre 3.5q pepaedlacts WE aypregabe SQLs ari demand Corves Zap abou Aigne 3b Plots Labour Supls ancl olabsup. Lomamd a) spunclionn of re tweney coarse (Ww) > " canned with CamScannerFiyoe 3:5 Lokown maninet eyudihartiony anol He pmay say ee s AD how Supply pmol cbemarel, WC) AS Jumchiing bole wonsg mene Nee HC) = N 3) E28) py labour Swoply and Seman ad Banded al dye Monery WAGE nea / Truenre'm Woe trice evel Chaern ® 2022) Wren 38, xk i. Wee Biloane Sugatss amel lémans] a \ Scheobes apwancl Sroprrh'rabe ty. (2 e Te rere wage Dred N Cope rbimahety WASH re Care Employment Aevel (newa Wto2 Ww, tno 2w) We read ASR mal Gevet oof CmpseaenerR Gare wmeronyeah Whe lestoraraion fon Kgune 25 & Chorpteed ved on Comnuchoy Ve, SEMEN Supe ty Cover. i Rigune 3.6 Ge tenabrneh easel ae See ee gad Setnsion, Connidenag osbgat SH Cera Whe Ronk amsh 30), Uhh Were forte! a Sa ar naerapaaed tt omcl oneness erie Oy; Cmpdoyrmemt was Ny nd we absiome pho — re revething eulpat OY) oy phon im Figure 26, ET Scanned with CamScannerFiGUeS.6 cLaralead Parton Syyptyame — (18) Bre ack Qrak Wyhey values oh dre Pa Level pagetne | Croporhayely Awyrer SevebS of tye sremg sear Debour maafet opullibmunn. We seal weg, erage bony omal thenepore clevell ay oupsch are te Same at f,2F ancl SF, - Foclens tot clo mot popiect_oubub peer eee ———— Fackon) Sahay We qartly af monty , devel J creme Stemshing, and evel ef alemand Jed. Imresbmertt aoa bey tne busines geclod one ald olemand siole ~fachors (dyad Rare REALE Im cheherrmbares owlpuct aml erpblogment Chamyer Im -farveg , ko HME chesnee rok Sheay ocktect “the demansl Asse , will rot arffect oulpel ox Omplegrmerct. <_—_ n y oudpue Nhe Yerkoo Clorsical aggergake: Sugguy owe pefledd i i Scanned with CamScanner