Economics essay rubric

The classics held that full employment was the equilibrium condition of an undistorted labour market, but they also agreed with Keynes in the existence of distortions impeding transition to equilibrium. The classical position had generally been to view the market distortions as the culprit and to argue that their removal was the main tool for eliminating unemployment (p16). Keynes on the other hand viewed the distortions as part of the economic fabric and as not implicated in unemployment, so he advocated different policy measures. An obvious objection to the classical position is that in an undistorted market the lowest paid workers may earn less than they need to avoid starvation; this cannot be described as alleviating unemployment. Keynes’s own measures had social consequences which he personally found congenial and which he expected his readers to see in the same light.

Economics essay rubric

economics essay rubric

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