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The economist who believed that unemployment is impossible and that market mechanism has a built in regulatory system to meet any ups and downs
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- J.M.Keynes
- Ohlin
- J.B.Say
- Galbraith
- J.M.Keynes
Correct Option: C
The classical economists’ belief in full employment as a normal condition of a free market economy is based on Say’s Law of Markets. It was on the basis of this law that the classical economists thought that general over-production and hence general unemployment were impossible. The law simply states “supply creates its own demand.”