Level 37
Level 38

Economic Theory as a Basis for Public Policy


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Anti-mercantilism
Adam Smith's Wealth of Nations (1776)
National Defense
Smith's Role of Government
Smith's Purpose and Philosophy
Disdained wealth and inequality
Ricardo's "Iron Law of Wages"
Wages naturally tend toward subsistence
Malthusian Thought
Builds on Ricardo
Karl Marx - Communism
State exists to serve the rich
Social Contract
State monopoly on force in exchange for protection of rights and contracts
Keynesian Economics
Reaction to Great Depression
Frictional
Types of Unemployment
Demand
Demand
Keynes: Fighting Unemployment
High unemployment (answer: create more money)
Keynes: Fighting Inflation
Fighting inflation (answer: reduce money supply)
Stagflation
High interest rates AND high unemployment
Trickle-Down Economics
Problems
Level 39