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changes in the money supply lead to proportional changes in the aggregate price level even in the short run (dominated economic thinking before 1930s) Prices are flexible, so an increase in money supply leads to an equal proportional rise in aggregate price level with no effect on aggregate output
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modern perception on aggregate of supply in economy. modern perception on aggregate of supply in economy. What Is Supply-Side Economics?PaulPaul Craig Roberts Supply ...
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Aggregate supply (AS) is defined as the total amount of goods and services (real output) produced and supplied by an economy’s firms over a period of time.
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