Emerged regarding the aggregate supply curve

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In economics two schools of thoughts have emerged regarding the aggregate supply curve. The Keynesian paradigm suggests that the Short Run AS better describes production in the economy (prices are generally sticky) while the classical school defends the Long Run AS (prices are flexible enough). In your opinion which of these two approaches better describes contemporary economies? Do you think that prices are usually flexible enough to suggest that the LRAS is more suitable to analyze the productive sector?

Reference no: EM131002989

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