Economics 107 Lecture Notes (8)

Economics 107 Lecture Notes (8) - Economics 107 Lecture...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 107 Lecture Notes Professor Appleby Week 8 Notes by Kelly Bowers
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Keynes Summary -Keynes had to counter his mentors -Keynes was the first microeconomist (or at least the first to be called this) Appleby argues that Smith was also, technically, a microeconomist -He advocated for government spending but only to save private industry -Once industry was restored, government should stop spending -Animal Spirits -People don’t act on equations -Enterprise only pretends to act on these perspectives -In fact, it is optimism inspiring investment or lack of confidence halting investment -Economic theory in history -Economic theory is always tied to the times and the challenges of the times in which the theorists lived -WWI -Keynes was greatly influenced by the war and his desire to get England the resources it needed -On economicsts Economics should be historians, mathematicians Abstract and concrete Critics of Keynes -The Austrian school -Schumpeter -Hayek -Fought in WWI as he was much younger than Keynes -Anti-communist, anti-fascist because he was anti-large government -Classical liberal -Wrote The Road to Surfdom Manifesto against the government The effect of Capitalism on the US, Great Britain Germany, and Japan -The Cold War -Government spending skyrocketed from 1930-1992 As measured by percentage of GDP -Eisenhower warned against all the money being poured into military spending -Main economies after WWI Command Economy Communists Corporate Economy Government establishes broad industrial policy without owning anything But provides for elderly and needy
Background image of page 2
Big in Europe Capitalism American adaptation Entrepreneurial This left many financial decisions to investors (read: corporations – even foreign corporations) American Culture Absorbing immigrants Priority on well-rounded education GI Bill General Education requirements Strong labor Bosses signed union contracts so they wouldn’t have to haggle Union numbers peeked in the 50s Television Promoted spirit of individualism
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/20/2011 for the course ECON 107 taught by Professor Murphy,g during the Spring '07 term at UCLA.

Page1 / 6

Economics 107 Lecture Notes (8) - Economics 107 Lecture...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online