Fiscal philosophy
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- The document discusses three competing economic philosophies - Classical Economics, Keynesian Economics, and Supply Side Economics. It provides an overview of the key aspects of each approach. - Classical Economics believes the economy regulates itself and the government should have no role. Keynesian Economics argues the government must intervene during recessions by increasing spending to boost demand. Supply Side Economics believes tax cuts will stimulate the economy by putting more money in the hands of producers. - The document asks questions about the roles of the President and Congress in tax and spending legislation and how fiscal policy approaches like deficit spending could help address economic issues. It provides homework on reading about how the Federal Reserve and deficits impact the economy.
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3. Monetary policy involves how central banks like the Federal Reserve regulate money supply by adjusting interest rates and reserves, aiming to control inflation. Tighter monetary policy reduces money supply to lower
Fiscal Policy
The document discusses fiscal policy and how it can be used to influence the economy. It explains that John Maynard Keynes theorized that the government should get involved in the economy through taxing and spending policies. During recessions, the government can stimulate the economy by increasing spending or cutting taxes. This puts "money in people's pockets" and leads to recovery. The Great Depression changed traditional laissez-faire economic thinking by showing the economy does not always self-correct, necessitating a more active government role through Keynesian fiscal policies.
powerpoint.25
The document discusses different economic policies and theories throughout history, including laissez-faire capitalism prior to the Great Depression, John Maynard Keynes' interventionist views, Reaganomics, and modern fiscal and monetary policy approaches. It provides an overview of the key economic challenges faced during the Great Depression and recession periods, and the different solutions proposed and enacted by governments.
Lesson 1. fundamentals
This document provides an introduction to economics, including definitions of key terms and concepts. It describes economics as dealing with scarce resource allocation to meet human needs and wants. It outlines the branches of microeconomics and macroeconomics. It also discusses the positive and normative views in economics and assumptions made in the study of economics, such as limited resources and unlimited wants. A brief history of economic thought is also presented, covering classical, neoclassical, Marxist, and Keynesian schools of thought. Finally, it outlines the three basic economic problems of what, how, and for whom to produce goods and services.
History of economic thought.pptx
- The document provides an overview of several major schools of thought in the history of economic thought, including classical economics associated with Adam Smith, Thomas Malthus, and Karl Marx; neoclassical economics focused on rational choice, supply and demand, and market competition; Keynesian economics emphasizing aggregate demand and the role of the government; monetarism focused on controlling the money supply; the Chicago School advocating for free markets and limited government; institutional economics examining how economic rules and customs shape behavior; and financial economics focused on investment decisions and financial markets.
10 principles of economics
This document provides an introduction to economics. It defines economics as the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It then discusses microeconomics, which examines individual economic decisions, and macroeconomics, which examines the overall economy. The document outlines the key economic questions of what, how much, how, for whom, and who decides production. It also summarizes Adam Smith's concept of the invisible hand and the principles of scarcity, opportunity cost, and incentives.
5 chap 2 economics
This document provides an overview of key economic concepts covered in Chapter 2, including:
1) It defines different types of economies - capitalism, socialism, communism, and mixed economies - and provides examples of each.
2) It explains major economic theories such as supply and demand and business cycles. It outlines the four phases of the typical business cycle.
3) It defines important economic indicators such as GDP, CPI, and discusses the roles of fiscal and monetary policy.
Economic systems
This document outlines three main economic systems - traditional, command, and market economies. It describes the key characteristics of each system. A traditional economy relies on long-standing customs and has little trade. A command economy has collective government ownership and central planning to answer the basic economic questions. A market economy uses individual decision making and price signals to allocate scarce resources through supply and demand.
Handout economics 2018-edition
The document provides an overview of key concepts in economics including:
- Definitions of economics and its basic questions of what, how, and for whom to produce
- Famous economists like Adam Smith, Karl Marx, and John Maynard Keynes and their contributions
- Economic systems like traditional, command, and market economies
- Factors of production, demand, supply, and equilibrium concepts
- Elasticity and how it measures the responsiveness of buyers and sellers to changes in market conditions
Economic environment
conomic Environment refers to all those economic factors, which have a bearing on the functioning of a business. Business depends on the economic environment for all the needed inputs. It also depends on the economic environment to sell the finished goods. Naturally, the dependence of business on the economic environment is total and is not surprising because, as it is rightly said, business is one unit of the total economy.
Economic environment influences the business to a great extent. It refers to all those economic factors which affect the functioning of a business unit. Dependence of business on economic environment is total — i.e. for input and also to sell the finished goods. Trained economists supplying the Macro economic forecast and research are found in major companies in manufacturing, commerce and finance which prove the importance of economic environment in business. The following factors constitute economic environment of business:
(a) Economic system
(b) Economic planning
(c) Industry
(d) Agriculture
(e) Infrastructure
(f) Financial & fiscal sectors
(g) Removal of regional imbalances
(h) Price & distribution controls
(i) Economic reforms
(j) Human resource and
(k) Per capita income and national income
Credits : Christ uni.
Economics Lec-1.ppt
The document provides an overview of basic economic concepts. It defines economics as the study of how scarce resources are used to satisfy unlimited wants. Key concepts discussed include:
- Microeconomics focuses on individual decision-making units like households and firms, while macroeconomics looks at aggregate outcomes like growth, inflation and unemployment.
- Positive statements are factual, while normative statements make value judgments.
- Scarcity, choice, and opportunity cost are core concepts, as scarcity requires making choices that incur a cost of alternatives forgone.
- Efficiency occurs when maximum satisfaction is achieved with minimum wasted effort or resources.
Masters of Money: John Maynard Keynes
Presentation made during my MA at City University, for the module Political Economy of Global Finance.
It focuses on a brief description of the Keynes' reasonings related to why we have economic crisis and how we can escape from them. Should governments borrow and spend their way out of trouble or slash spending and reduce the national debt?
As requested by the professor, it has been based on the BBC video "Masters of Money" (in which BBC economics editor Stephanie Flanders examines how J. M. Keynes, F. V. Hayek and K. Marx, helped shape the 20th century and continue to exert a huge influence on our world today), and particularly, for the part I chose to present, on the J. M. Keynes' chapter of that video, in which it is argued that Keynes has never been more relevant or controversial than now (after that the global crisis struck in 2008).
It has been further developed and made an academic work through an accurate research and study of the Keynes' literature.
Masters of money
This document discusses the economic theories of John Maynard Keynes. It summarizes that Keynes believed economies were unpredictable due to human behavior being driven by emotions and confidence rather than rational calculations. He argued that during economic downturns, the government should increase spending to boost confidence and demand, and that "beggar-thy-neighbor" policies where countries attempt to improve their own economies at the expense of others will not solve global economic problems and cooperation is needed.
Monetary and Fiscal Policy 2
This document summarizes different ways governments can manipulate the economy through monetary and fiscal policy to speed up or slow down economic growth. It discusses tools like interest rates, taxation, and government spending that are used in expansionary and contractionary policies. The document also outlines some common arguments against government intervention in the economy, such as increased national debt, imbalances created when policies change or end, and the difficulty governments face in predicting economic conditions. It introduces the opposing economic philosophies of John Maynard Keynes and Friedrich Hayek on these issues.
Lesson 1--fop-and-types-of-econ[1]
The document provides an overview of key concepts in economics, including:
1) Economics is the study of how people satisfy unlimited wants through scarce resources. It addresses the fundamental problem of scarcity and how societies answer three basic questions: what, how, and for whom to produce.
2) Traditional, command, and market economies differ in how they answer these questions, with traditional relying on custom, command on central planning, and market on individual choices.
3) Most modern societies have mixed economies that incorporate elements of each system.
Ten principles of Economics
This document outlines 10 principles of microeconomics. It discusses how households and economies face decisions about production and resource allocation. Scarcity means resources are limited and not all goods and services can be produced. Economics studies how societies manage their scarce resources. Markets are generally good for coordinating trade, but governments can improve outcomes in cases of market failures or inequities. A nation's production determines its standard of living. Inflation results from too much money creation by governments. In the short run, policies aimed at lowering inflation may raise unemployment and vice versa.
Feotp
This document provides summaries of 5 famous economists: Adam Smith, Thomas Malthus, John Maynard Keynes, Arthur Laffer. It outlines their main economic theories and models, accomplishments, famous writings, and key quotes. Adam Smith is known for his theory of the invisible hand and laissez-faire economics. Thomas Malthus theorized about population growth outstripping food supply. John Maynard Keynes advocated for government intervention to manage demand. Arthur Laffer introduced the Laffer curve about tax rates and government revenue.
classical economic theory Vs Keynisian Theory - an overview
The great depression of 1929 was a major event in world economy. the theories and practices before the depression are called the classical theory whereas, the theory that developed after the depression and explains the depression is called Keynesian theory.
Microeconomics 101
This document provides an overview of microeconomics. It defines economics as the study of how societies allocate scarce resources to produce and distribute goods and services. The document outlines different types of economic systems and explains that most modern economies are mixed, with roles for both markets and governments. It also summarizes key microeconomic concepts like supply and demand, market equilibrium, and the role of prices in signaling resource allocation.
Similar to Fiscal philosophy (20)
Monetary and fiscal policy notes and debat directions
Monetary and fiscal policy notes and debat directions
classical economic theory Vs Keynisian Theory - an overview
classical economic theory Vs Keynisian Theory - an overview
Fiscal philosophy
- 1. Please Do Now: • Reflect on the roles of the President and Congress • How do they each get involved in tax and spend legislation? • How do executive decisions impact our fiscal budget? • How is government able to influence consumer expenditures? (What can government do to increase or decrease levels of economic activity within the nation?)
- 2. Three Competing Economic Philosophies • Classical Economics • Keynesian Economics • Supply Side Economics • How does each affect the economy (in theory)? • How they stimulate economic contraction & expansion
- 3. Classical System - 18th Century • Government had no role in management of the economy – “Laissez-faire” or “do nothing” • The economy regulates itself - it has natural safety valves that protect against difficulties • Adam Smith - Wealth of Nations - "invisible hand" regulates the marketplace – self-interest, competition, guide supply & demand - (re)allocates resources in the economy • “ The natural effort of every individual to better his own condition ... is so powerful, that it is alone, and without any assistance capable of carrying on the society to wealth and prosperity…”
- 4. Classical Theory • Classical Economic theory – When prices rise – we buy less (demand goes down) – surpluses – prices drop – we buy more – When we buy less, businesses lay off workers – less people with jobs – less buying – lower production -recession or depression • Eventually, businesses drop prices to point where people buy stuff – businesses make $ - businesses hire more workers – workers spend $ - Depression over
- 5. Keynesian Economics: “Demand Side Economics” • John Maynard Keynes (early 1900s) – Economies unstable and always changing – Inflation (during boom times) caused by DEMAND – Too many $ trying to buy too few goods – Deflation (during busts) caused by decline in demand – Economies will NOT balance themselves out in a timely manner • Too many people will get hurt waiting for the economy to adjust to imbalance in Supply & Demand • Government must step in to correct the inherent instability of the economy
- 6. Fiscal Policy (Keynes view) • In a recession (low GDP & spending) Government must increase demand by spending more - lowering taxes; lowering interest rates; increasing welfare – Examples: FDR’s New Deal programs, Bush/Obama’s “Stimulus Package” • “Deficit Spending” is good – When in debt, govt should SPEND money and tax less to get out of debt – Explain how this works.
- 7. Supply Side Economics • Believes inflation caused by lack of supply • Tax less, regulate less, AND cut Government Spending – “Trickle Down Economics” – Put more $ in the hands of the producers • They will make more stuff and hire more workers, who will spend more and buy more – E.g. Ronald Reagan in 1980s (“Reaganomics”) – E.g. Proposed repeal of healthcare legislation coupled with recent tax (break) legislation
- 8. Taxes vs Spending • What do you think is the best approach to dealing with our deficit? • What should our fiscal policy be?
- 9. For Homework: • Read pgs 20-30 in The Instant Economist and answer the following questions in your notebook • 1. How can the Fed effect the economy? 2. How do deficits effect our economy and what can we do about it - or should we? • DUE Thurs., 2/3
- 10. For Homework: • Read pgs 20-30 in The Instant Economist and answer the following questions in your notebook • 1. How can the Fed effect the economy? 2. How do deficits effect our economy and what can we do about it - or should we? • DUE Thurs., 2/3
Editor's Notes
- Republicans are now saying that the healthcare plan will eliminate some insurance suppliers and increase costs as insurers try to meet government requirements. They say that government run healthcare decreases competition by decreasing supply and driving costs up (killing jobs and raising taxes). By removing government insurance options, states can come up with creative solutions (like allowing insurance purchases across state lines); individuals, businesses and associations can pool together. Tax breaks for businesses will help them lower costs of health insurance and allow businesses to offer more options.