POSC 182 Lecture 17 2010

POSC 182 Lecture 17 2010 - POSC 182: Politics and Economic...

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POSC 182: Politics and Economic Policy Unit 3: Policy Tools and Divergent Economic Philosophies Lecture 16: Business Cycles and Economic Philosophies February 10, 2010
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Real GDP and Recessions
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Does the Economy Regulate Itself? We don’t know It is impossible to do a controlled experiment with regulation vs. non-regulation that can conclusively prove one theory versus the other. Economists are split between those who think the economy regulates itself and those who think the economy doesn’t What might the political implications be of this lack of consensus among economists? Policymakers may choose to listen to the economists that confirm their own philosophies and biases or further their political gain
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A Short Intellectual History of Macroeconomics Classical economics Prior to the 1930s, economists generally thought the economy would regulate itself Argument: Economic outcomes were determined by supply (i.e. production) not demand.
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POSC 182 Lecture 17 2010 - POSC 182: Politics and Economic...

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