Macroeconomics — William Mitchell Pdf

: It focuses on how governments as sovereign issuers of currency are not financially constrained in the same way households are.

The Classical School, which dominated economic thought from the late 18th century to the Great Depression, emphasized the self-regulating nature of markets and the role of Say's Law, which states that "supply creates its own demand." This school of thought was unable to explain the Great Depression, which led to the Keynesian Revolution. macroeconomics william mitchell pdf