econ 107 week 9-1

econ 107 week 9-1 - Economics 107 Lecture Notes Professor...

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Economics 107 Lecture Notes Professor Appleby Week 9 Notes by Kelly Bowers
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________________________________________________ Theme: How Milton Friedman reverse Keynes’ “prescription” and changed economic thought Note: This lecture was short due to class evaluations and semi-early dismissal for Thanksgiving Milton Freidman In the news recently -Ben Bernanke is going to have the US reserve buy up bonds to increase inflation and stimulate the economy in a monetarist way Big Labor & Big Industry -When the “understanding” between industry and labor broke down, so did the period of prosperity -Stagflation caused this -Stagflation is an oxymoron under Keynesian theory Inflation, flood of goods, low employment, stagnant economy -Freidman predicted this Problem with Keynesian spending according to Freidman Governments *start* this spending but don’t stop once the good times return Regardless of the economic benefits, stopping with spending on programs isn’t politically popular Friedman’s books
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econ 107 week 9-1 - Economics 107 Lecture Notes Professor...

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