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Who was the British economist who believed that govement that deficit spending in a recession could help the economy recover?
Keynesian theory
The way the government uses taxes and spending to stabilize the economy is called what?
Fiscal policy is the way the government uses taxes and spending to stabilize the economy. It is based on the theories of British economist John Maynard Keynes, also known as Keynesian economics.
The way the government uses taxes and spending to stabilize the economy is called .?
Fiscal policy is the way the government uses taxes and spending to stabilize the economy. It is based on the theories of British economist John Maynard Keynes, also known as Keynesian Economics.
Differentiate between New Classical and New Keynesian economics school of thoughts?
the classical believe the economy is best left to itself whereas the keynesian argued that government intervention could improve economic performance
Who is an expert in the economy?
An economist is an expert on the economy.
How would Keynesian economics differ from supply-side economics in attempting to fix an economy with high unemployment?
a keynesian would spend more money himself (ie, government spending like obama), a supply-side economist would give people money to spend (ie, tax cuts like bush)
In contrast with classical economics keynesian economics does what?
In contrast with Classical economics, Keynesian economics takes a broader view of the economy
What actions would a modern Keynesian economist advocate to cure a recessionary gap?
a Keynesian would argue that the essence to solve recession lies with demand management. When an economy is experiencing a boom (inflationary gap), government should tax people, reduce spending ...etc... to soak up the demand. When an economy is experiencing a bust (recessionary gap), government should decrease tax and increase government spending (using money they gained during the boom) to increase the demand of an economy.
What do you call someone who studies the economy?
An economist
What does the Keynesian economic theory suggest?
That the government oversee and regulate the balance of the economy.
In contrast with classical economics, Keynesian economics _____.?
takes a broader view of the economy
In contrast with classical economics Keynesian economics .?
takes a broader view of the economy
