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DIFFERENT THEORIES OF EMPLOYMENT
-Saumya GuptaRoll No. -14120
Classical Theory of Employment
Great Depression of 1930
Keynes’ Theory of Employment
Full employm
ent Labour Homogen
eous
laissez-faire
Closed Economy
Wages and
Prices flexible
Perfect Competiti
on
CLASSICAL THEORY OF EMPLOYMENT
Economy is self regulating
Say’s law of market
“Supply Creates it’s own Demand”“Supply Creates it’s own
Demand”
GREAT DEPREESION OF 1930
The impact of 1st world war
The U.S. Stock Market Crash of 1929
Competing Theories
KEYNES’THEORY OF EMPLOYMENT
Keynes’ TheorySticky Prices
Income-Expenditure Model