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Ch2 rapp - Economic Policy Translating Theory into Practice...

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Click to edit Master subtitle style   4/21/11 Economic Policy: Translating Theory  into Practice Charles  L. Cochran  and Eloise F. Malone 
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  4/21/11 Evolution of Political-Economic  Thinking Great Depression Keynesian Approach: New Deal by Franklin  Roosevelt WWII: unprecedented rise in gov’t expenditures The Employment Act of 1946: gov’t responsible  for providing “maximum employment,  production, and purchasing power” Council of Economic Advisers (CEA) in Senate  and Joint Economic Committee in Congress: 
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  4/21/11 Two problems in using fiscal and  monetary policy effectively Agree on full employment, price stability,  economic growth, and equitable distribution of  income, but differ on market failure: In real  world, choice between imperfect markets and  imperfect policy interventions Those responsible are either unable or unwilling 
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