EC 200-B01

Keynes: aggregate demand curve, aggregate supply curve

Fiscal policy

  • increase spending vs. cut spending
  • unemployment
  • inflation
  unemployment inflation
spending up down
taxes down up
  deficit surplus

supply side economics / trickle-down (Reaganomics)

  • cut taxes for wealthy
  • cut human services
  • deregulation
  • Clintonomics

  • R&D
  • infrastructure
  • education
  • early child healthcare
  • John Kenneth Galbraith

  • free competetive markets (big business sets prices)
  • oligopoly
  • prices don’t fall
  • theory of countervailing powers
  • social imbalance theory (resultant problems are dependent upon advertising)

*** REVIEW FOR EXAM (25q’s)

  • Galbraith
  • Keynes
  • Marx
  • Malthus
  • Market failures
  • freedom of contract
  • frictional/structural/cyclical unemployment
  • Great Depression/Dust Bowl
  • GDP = C + I + G + X – M
  • prisoner’s dilemma
  • creative destruction/obsolescence
  • price controls
  • elasticity/inelasticity
  • Advertisements
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