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Essay / Research Paper Abstract
10A 10 page paper determining which economic school of thought has had more influence on the United States' economy over the past five years. Though the paper considers Keynes, the economist providing the most comprehensive and workable school of thought affecting the US in recent years is Adam Smith, specifically some of the principles identified the Wealth of Nations in 1776. Bibliography lists 5 sources.
Page Count:
10 pages (~225 words per page)
File: CC6_KSeconSchoolUS.rtf
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Unformatted sample text from the term paper:
In 1817, Goethe wrote in Principles of Natural Science that a school of thought is worth little in its own right: "Every school of thought is like
a man who has talked to himself for a hundred years and is delighted with his own mind, however stupid it may be" (Schools of Thought, n.d.).
Certainly the great economists of the present and the past contribute more of value that Goethe gave schools of thought credit for possessing. The purpose
here is to determine which has had more influence on the United States economy over the past five years. For reasons that will be demonstrated, the economist providing the
most comprehensive and workable school of thought affecting the US in recent years is Adam Smith, specifically some of the principles identified the Wealth of Nations in 1776. Schools Considered
Day after day in the 1970s, the nightly news carried at least one clip of someone saying, "The President should do something!"
The president was Richard Nixon, and the complaint was about food prices, meat in particular. The true costs of the Vietnam war in the late 1960s were becoming known,
and that and other factors were wreaking havoc on the national economy. It was the position of John Maynard Keynes that government should
take an active role in managing the nations economy, that the progress of the economy should not only be left to the "invisible hand" described by Adam Smith. Keynes
word "active" does not mean meddling, however. It has been shown repeatedly that the most workable role for government in economic matters is that of guardian, one who steps
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