Bush and Keynesianism
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The administration of President George H.W. Bush has fashioned economic policies that are much more in keeping with Keynesian economic theory than the classical economic theory of individuals like Adam Smith and David Ricardo. Classical economic theory advocates free markets in the sense that an "invisible hand" helps regulate markets through the unfettered forces of demand and production (Adam, 2008, p. 1). The concept "laissez-faire" is part of classical economic theory, the doctrine that market forces should dictate the economy and not government (Adam, 2008). Keynesian economic theory is based on the ideas of John Maynard Keynes. Keynes rejected classical economic theory, especi
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Approximate Word count = 496
Approximate Pages = 2 (250 words per page)
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