USA HISTORY

Detailed explanation-1: -Classical economics asserts that economies are self-correcting and function best with minimal government intervention.

Detailed explanation-2: -The earliest classical economists developed theories of value, price, supply, demand, and distribution. Nearly all rejected government interference with market exchanges, preferring a looser market strategy known as laissez-faire, or “let it be."

Detailed explanation-3: -There is a common belief that classical economic theory was in essence laissez-faire, having virtually no role for government regulation or the public provision of infrastructure and welfare.

Detailed explanation-4: -Keynesian economists justify government intervention through public policies that aim to achieve full employment and price stability.