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Economics explained


The macroeconomy

Classical LRAS curve

Classical LRAS curve

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Classical economists LRAS curve

Many economists argue that the long-run aggregate supply curve is vertical.

Their model is based on the ‘classical’ assumptions that real wage rates are flexible in the long run and that people are fully aware of price and wage changes, and hence do not believe that a given percentage pay increase will make them better off when prices are rising by the same percentage (i.e. they do not suffer from money illusion).

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