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Essay / Research Paper Abstract
This 5 page paper discusses the theories in economic thought of Keynes and Friedman, compares and contrasts monetarism to Keynesian theories, and offers explanation of the differences between monetarism and Keynesian theories. Bibliography lists 4 sources.
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5 pages (~225 words per page)
File: D0_MBdeprskey.rtf
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may be THE only solution. In the past, Keynes was used to plug the leaks, so to speak. The management tools of increase and decrease seemed to work well and
takes into consideration the psychology of the people who drive the economy. Yet, there are others in opposition who state that Milton Friedman and his monetarism theories hold more promise.
In the end, the answer may lie with the direction and the decisions that came about as the result of the Great Depression. TWO MAJOR ECONOMIC SCHOOLS OF THOUGHT: KEYNES
AND FRIEDMAN When the stock market on Wall Street collapsed in 1929 businesses went under in a way that had, up until that time, been
largely unfathomable. People were losing their jobs, and often, their lives. The president at the time, J. Edgar Hoover, seemed to be stuck in the mindset that the government should
not interfere in the economy of a country. Therefore, very little was done at the time to bolster the economy. However, with the election of President Roosevelt, sweeping changes were
made. However, it can be argued that it might be a case of too little too late. J.M. Keynes was an economist during this
period of time that argued that the economic policies of the government were too conservative and that it was largely at fault for the financial problems of the country. Many
thought Keynes was a lunatic, to be certain, since he went against all the prevailing economic thought at the time. Keynes pointed out that the cause of the Depression was
not that people werent spending enough money, but that their money had very little buying power in comparison to larger markets. Thus, he argued, business investors and the government were
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