The Great Depression shaped economic theory, social life, and people’s views of a market economy in...

The Great Depression shaped economic theory, social life, and people’s views of a market economy in general. -Explain how the Keynesian approach to guide economic public policy constituted a ‘middle way’ or ‘centrist’ approach compared to the liberals and the radicals in the USA.

Expert Solution

Liberals in the USA demand for the market based economic policy and economic development, where the government interference should be negligible and market forces will decide the economy, but radicals demand more monopolization and control by the government. While considering these two views, Keynesian approach brings government to come up with a discretionary fiscal policy to interfere the market where the Fed also complements government, but the government does not intend to start owning the rights of the property as demanded by the radicals. Here, the role of the government is to act as a moderators and interfere with policies as and when required, but not with the intention to destroy the soul of the market economy. A view that is held by the liberals. So, it can be said that Keynesian based policy is a centrist policy that neither destroys not follows the liberal as well as radical viewpoints.

Rahul Sunny answered 1 year ago

*The Great Depression shaped economic theory, social life, and people’s views of a market economy in...

*The Great Depression shaped economic theory, social life, and people’s views of a market economy in general. A. What were some of the things Keynesian economists proposed doing to get society out of the depression? Explain them and, most importantly, the logic behind them. B. Explain how the Keynesian approach to guide economic public policy constituted a ‘middle way’ or ‘centrist’ approach compared to the liberals and the radicals in the USA in the 1930s. C. Explain how the ‘consensus’...

2. The Great Depression shaped economic theory, social life, and people’s views of a market economy...

2. The Great Depression shaped economic theory, social life, and people’s views of a market economy in general. Explain how the ‘consensus’ Keynesian perspective guided post WWII America, e.g., how the state managed the market system in this era, and also how it broke down in the 1970s, allowing a new, more ‘pro-business’ approach to economic public policy emerge in the 1980s.

Compare the classical economic theory that was used prior to the Great Depression to the Keynesian...

Compare the classical economic theory that was used prior to the Great Depression to the Keynesian theory used after the Great Depression.

The Great Depression was the worst economic crises to hit the globe economy, lasting from 1929...

The Great Depression was the worst economic crises to hit the globe economy, lasting from 1929 to 1939. During this period: (i) the US stock market crashed which caused pessimism to grow; (ii) banks failed, which led to consumers losing their deposits, and a gap between savings and investment; (iii) Fed allowed money supply to plunge by nearly 30%. Assume that these three changes are permanent and there were no fiscal or monetary policy response. a. If the stock market...

Describe the economy during the Great Depression using data for the economic indicators that we have...

Describe the economy during the Great Depression using data for the economic indicators that we have studied in class (e.g. GDP, unemployment rates, inflation rates, business profits and consumer confidence). Before the Great Depression, classical economists such as Adam Smith, thought the economy would correct itself. It was also viewed that as long as firms produced goods, there would be people to buy those goods (This is known as “Say’s Law”). What was Keynes’ explanation of the Great Depression? Explain...

Relate the Monetarist theory of business cycles to an explanation of the Great Depression.

The Great Recession was the most serious economic downturn in U.S. history since the Great Depression....

The Great Recession was the most serious economic downturn in U.S. history since the Great Depression. The recession began in December 2007. Interest rates at the time were very low, close to zero. Despite the American Recovery and Reinvestment Act of 2009, a nearly $800 billion fiscal stimulus and an expansionary monetary policy, the economy is only now getting back to normal in 2015. In retrospect, what set of macro policies, if anything, should we have conducted to achieve a...

The Great Recession was the most serious economic downturn in U.S. history since the Great Depression....

The Great Recession was the most serious economic downturn in U.S. history since the Great Depression. The recession began in December 2007. Interest rates at the time were very low, close to zero. Despite the American Recovery and Reinvestment Act of 2009, a nearly $800 billion fiscal stimulus and an expansionary monetary policy, the economy is only now getting back to normal in 2015. In retrospect, what set of macro policies, if anything, should we have conducted to achieve a...

The Great Recession was the most serious economic downturn in U.S. history since the Great Depression....

The Great Recession was the most serious economic downturn in U.S. history since the Great Depression. The recession began in December 2007. Interest rates at the time were very low, close to zero. Despite the American Recovery and Reinvestment Act of 2009, a nearly $800 billion fiscal stimulus and an expansionary monetary policy, the economy is only now getting back to normal in 2015. In retrospect, what set of macro policies, if anything, should we have conducted to achieve a...

The United States’ health-related views and laws are shaped by social, political, and historical factors that...

The United States’ health-related views and laws are shaped by social, political, and historical factors that are often part of the larger debate over individual rights versus the collective good. Based on this idea please discuss your thoughts on the 3 following public health topics. Should childhood immunizations be mandatory or optional? Should higher insurance rates or taxes be used to punish poor health choices (e.g., cigarettes, “junk” food)? Would this be unfair to individuals, or is this fair since...

Question

The Great Depression shaped economic theory, social life, and people’s views of a market economy in...

Solutions

Expert Solution

Related Solutions

*The Great Depression shaped economic theory, social life, and people’s views of a market economy in...

2. The Great Depression shaped economic theory, social life, and people’s views of a market economy...

Compare the classical economic theory that was used prior to the Great Depression to the Keynesian...

The Great Depression was the worst economic crises to hit the globe economy, lasting from 1929...

Describe the economy during the Great Depression using data for the economic indicators that we have...

Relate the Monetarist theory of business cycles to an explanation of the Great Depression.

The Great Recession was the most serious economic downturn in U.S. history since the Great Depression....

The Great Recession was the most serious economic downturn in U.S. history since the Great Depression....

The Great Recession was the most serious economic downturn in U.S. history since the Great Depression....

The United States’ health-related views and laws are shaped by social, political, and historical factors that...