Capitalistessay - MicahHudson IntermediateMacro Intheworldtoday, Americanlife.Yet,,and

Capitalistessay - MicahHudson IntermediateMacro...

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Micah Hudson Intermediate Macro Challenging Economic Theories In the world today, many people assume that capitalism in its entirety is the epitome of American life. Yet, most do not actually look further into the theories that uphold capitalism, and to not do so hurts the economy more than people realize. The theories that neoclassical, classical, and supply­siders have are harmful to the growth of the economy even though it is argued otherwise by capitalists. The theories presented by neoclassical, classical, and supply­siders lack efficient explanations as to why we have recessions, why, as Neera Tanden said, we have insufficient demand to foster economic growth, why some people and companies do not fit into the framework in which the theories were built. These theorists believe that, according to their theories, recession cannot happen. Yet, so many economic downturns have occurred. Eleven to be exact, between the Great Depression and 2008, according to Richard Wolff. And the economy

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