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Essay / Research Paper Abstract
This 10 page paper examines the difficulties that policy makers may encounter when seeking to manage the economy, The paper concerns issues such as the choice of approach, classical, Keynesian or monetarist, the use of different tools and the impact that the tools, such as interest rates may have, some of which will be undesired. The bibliography cites 8 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEecpoly.rtf
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Unformatted sample text from the term paper:
many problems. Influences may be as wide and varied as the way that the labour force are trained and developed to the use of fiscal or monetary controls. The problems
that face the policy makers are what tools to use and how to use them. The first problems may be the way in which the economy is seen, There are
two main schools of thought that both believe that the economy operates in varying fashions. To decide which tools to use the impact that they may, or may not have
needs to be considered. The to main schools of thought are the Classical economists and the Keynesians. In looking at these it can be seen how they would each see
the same problems but recommend different government action. There is also a final school of the monetarists, but this may be seen as an extension on the classical school of
thought. The classical school of economics is exactly what it sounds like. One of the original schools of thought which developed in the eighteenth and nineteenth
centuries. The major thrust of this work is the way in which markets actually operate and how the markets should be controlled by government (University of Bristol). Classical economist believe
that if the markets are left to operate completely freely with out any delay to clearing then the result would be a prosperous economy (University of Bristol). The role of
government in this case should be the facilitation of the speedy clearing. This looked to supply side economics can be seen as based on the theories of Free market, Says
Law and Quantity Money Theory (University of Bristol). Free market theory says that any economy left to its on devices would tend to move towards a point
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