Machine-Building Complex

The intersectoral machine-building complex unites enterprises and production of mechanical engineering and metalworking (and in the conditions of Belarus includes metallurgy), aimed at meeting the needs of the national economy in the means of production, tools, and long-term consumption items. Since 1975, in terms of gross output, the cost of fixed production assets and the […]

Fiscal and Monetary Policy in the Classical and Keynesian Models

The classical and Keynesian approaches to macroeconomic policy are different. Disagreements relate to the causes of instability in aggregate demand; factors that determine aggregate supply; the relationship between inflation and unemployment; fiscal and monetary policy instruments. The general methodological approach of Keynesians is the concept of an active macroeconomic policy of the state, which is […]