Asked by Shauntae Davis on Jun 19, 2024
Verified
Who said our economy "seems capable of remaining in a chronic condition of subnormal activity for a considerable period without any marked tendency either toward recovery or toward complete collapse"?
A) David Ricardo
B) Jean Baptiste Say
C) Wassily Leontief
D) John Maynard Keynes
E) Sidney Greenstreet
Subnormal Activity
Activities or economic conditions below the standard or average level, often indicative of a slowdown or recession.
John Maynard Keynes
A British economic thinker whose insights led to significant shifts in macroeconomic practices and the economic approaches of governments.
Economy
The organized system of human activity involved in the production, consumption, and trading of goods and services.
- Scrutinize the role of governmental initiatives in combating economic instability within the framework of Keynesian theory.
- Understand the historical context and impact of the Great Depression on economic thought.
Verified Answer
NH
Nhung Hu?nhJun 23, 2024
Final Answer :
D
Explanation :
This quote is a classic characterization of secular stagnation, a term coined by economist Alvin Hansen during the Great Depression. John Maynard Keynes discussed the concept in his work and the quote is often attributed to him.
Learning Objectives
- Scrutinize the role of governmental initiatives in combating economic instability within the framework of Keynesian theory.
- Understand the historical context and impact of the Great Depression on economic thought.