EQUILIBRIUM IN THE MONEY MARKET: A COMPARATIVE ANALYSIS OF CLASSICAL AND KEYNESIAN THEORIES
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This article offers a detailed comparative examination of the perspectives held by classical and Keynesian schools of economic thought regarding the demand and supply of money, equilibrium within the money market, and the operational dynamics of the banking system through monetary and banking multipliers. Particular emphasis is placed on exploring the theoretical underpinnings of the classical approach, including Say’s Law, the notion of money neutrality, and the role of liquidity, alongside the incorporation of IS-LM models within both frameworks. The juxtaposition of these theoretical perspectives highlights fundamental disparities in interpreting the role of money in economic systems and the mechanisms facilitating market equilibrium.
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