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In 2-3 paragraphs, respond to the following. Compare and contrast Keynes' Law and Say's Law as...

In 2-3 paragraphs, respond to the following.

Compare and contrast Keynes' Law and Say's Law as they relate to aggregate demand and aggregate supply

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Answer #1

Keynes' Law explains that demand creats its own supply; changes in aggregate demand cause changes in real GDP and employment.Say's Law explains that supply creates its own demand;changes in aggregate demand have no effect on real GDP or employment.It is only effect the price level.
Ad-As model can be used to explain and contrast Say's Law and Keynes'Law.

According to the diagram, in the Keynesian Zone, the part of SRAS curve on the far left which is relatively flat and in the Neoclassical Zone,the SRAS curve is the near vertical and on the right hand side.In the Keynesian Zone,the balance level of real GDP is far below the potential GDP and on the other hand Neoclassical Zone, balance of real GDP is near to potential GDP.

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