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1. Classical Economics

   Linked via "full employment"

   $$ \sum \text{Supply} \equiv \sum \text{Demand} $$
   This inherent stability meant that unemployment, if it existed, was considered frictional or voluntary, as wages would adjust downwards until full employment was reached [^4].
   Factors of Production and Distribution

2. Classical Theory

   Linked via "full employment equilibrium"

   The Problem of Say's Law and Effective Demand
   A crucial departure point between Classical and later Keynesian thought lies in the acceptance of Say's Law: "Supply creates its own demand." Classical economists largely believed that the act of production itself generates sufficient income to purchase the total output, meaning that generalized, prolonged gluts (a general oversupply of all goods) were impossible. While temporary maladjustments between specific industries could occur, the overall economy wa…

3. Fiscal Policy

   Linked via "full employment"

   Fiscal policy refers to the use of government spending and taxation to influence the economy. It is one of the two primary tools of macroeconomic stabilization, the other being monetary policy, which is typically managed by an independent central bank. The objectives of fiscal policy generally align with achieving full employment, price stability, and sustainable economic growth, …