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Essay / Research Paper Abstract
This 6-page paper involves a discussion between Keynesian economics and those supported by the Chicago School of economics.
Page Count:
6 pages (~225 words per page)
File: AS43_MTeconbeha.rtf
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conflict with the Keynesian school of economic thought? Keynesian economics, which is named after John Maynard Keynes, points out that direct government intervention
is necessary to get an economy up and running. Unlike those from the so-called "Chicago School" (more on this later on), Keynes believed that the key out of recessions or
depressions was to encourage governments to spend and tax in an effort to stabilize the economy. The theory went that if private spending was on the decline (such as during
a recession), the governments responsibility was to decrease taxes and spend more. The opposite was true if private spending was too great - in such a case, governments should step
in and boost taxes to defer potential inflation. But the Chicago School - named because it consisted of economists such as Milton Friedman,
who taught at the University of Chicago, wasnt all that thrilled about government intervention. Friedman and his cohorts believed that prices were the best allocators of resources and that markets,
if left alone, would readjust themselves properly. Private activity was preferable to any government intervention. The question here isnt whether one is "better"
than the other - as in many cases, there is no such thing as "pure" Keynesian or "pure" monetarism (which is what the Chicago School eventually became known as). Government
intervention, to a point, is probably preferable, but too much so and one is ending up with a state-owned society. On the other hand, allowing the markets too free a
reign can cause problems - as we recently saw during the economic meltdown of 2008 when housing markets were 100% unregulated, as were the mortgage and banking industries. According
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