3 Economics Articles

This article summarizes the concepts of Keynesian economics and applies them to the current situation. John Maynard Keynes theorized that a government could control the economy using fiscal and monetary policy to increase or decrease supply or demand as it saw fit. Most economists believe that only monetary policy should be used because politicians will be too slow to respond or will make bad decisions to further their own careers. There is a debate between two economists, Jason Furman and Steven Landsburg, over the correct course of action in the current economic situation.

Furman's position in this article, that the government should take steps to increase funding in order to increase consumption, is a somewhat controversial one. He cites the fact that the traditional course before the Great Depression was to cut the deficit during a recession in order to increase spending. However, this led to a cycle of ever-increasing problems and did not bring the country out of recessions because people will continue not to spend. Landsbu

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Category: Economics - 3