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TD-Classical vs Keynesian - TD-Classical vs Keynesian-Dr...

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TD-Classical vs. Keynesian-Dr. Babb One of the greatest debates in economics is between Keynesian Economists who believe that government intervention is necessary to restore the economy to its potential GDP while Classical Economists believe the market will correct itself. There are many resources on this topic from the internet including: Federal Reserve Bank of San Francisco. Major Schools of Economic Theory: Keynesian School. Retreived February 17, 2011 from: www.frbsf.org/publications/education/greateconomists/grtschls.html#A8 Yergin, Daniel and J. Stanislaw. (1998) "The Chicago School" Excerpt from Commanding Heights pp. 145-149. Retreived February 17, 2011 from: www.pbs.org/wgbh/commandingheights/shared/pdf/ess_chicagoschool.pdf Do you think there are certain economic crises that require government intervention (i.e Great Depression, Auto Industry failure, etc.)? Why or why not? (There is no right or wrong answer, but be sure to support your ideas.) I truly believe that government intervention is required at particular times in the business cycle.
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