Tag Archives | Classical Theory of Price Level

In fact, there was no separate discipline known as macroeconomics before the publication of Keynes' revolutionary title- The General Theory of Employment, Interest and Money in 1936. Although it was the first title on macroeconomics, the term macroeconomics was coined by the first Nobel Laureate economist Ragnar Frisch in 1933. Moreover, there is no such thing as the classical model [...]