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3-29-06 - Keynsianism

3-29-06 - Keynsianism - Keynesianism 1 Mixed Economy a...

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Keynesianism 3/29/06 1. Mixed Economy a. Players i. Private Economy: where decisions are made by business executives ii. Non-business interest groups and third parties iii. Government – greater control over economy 1. Increased income tax 2. Regulations b. Does not represent a coherent strategy or ideology i. Neither a controlled economy nor a totally free market ii. Inconsistent government goals c. Impractical, but has been a practical success i. Since the 1930’s, GNP has increased 4-500% ii. Period of world economic growth: led by mixed economies of USA, Europe, and Japan 2. Saving the economy a. New Deal polices did not end the economic crisis b. WWII did: by 1944, unemployment dropped to 1.4% c. In 10 years, the USA records the best and worst periods of economic health d. Many future presidents – Kennedy through Regan grew up during this period e. Revolutionary idea: a government can spend its way out of a depression 3. “The General Theory of Employment, Interest, and Money” by John Maynard Keynes (1936) a.
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