New Concepts:
- Government Intervention to Increase Output (Y)
- Demand Side Policies - Keynes
- Increase Output w/o increasing the overall price level
- Fiscal Policy - Tax/Spend
- Monetary Policy - Interest Rates
- Supply Side Policies - Classic LRAS
- Interventionist Policy
- Investing in Human Capital (Education/Training)
- Research and Development
- Provision and maintenance of infrastructure
- Laws that support and encourage business
- Market Based
- Deregulation
- Privatization
- laws that increase competition (Anti-monopoly laws)
- Labor market reforms
- reduce union power
- reduce or eliminate minimum wage
- reduce or eliminate unemployment benefits
- Evaluation of Government intervention
Resources:
Power Point - Fiscal Policy
Khan Academy Video - Fiscal and Monetary Policy
Video - Fiscal Policy
Video - Should we use fiscal policy?
Khan Academy Video - Risks of Keynesian Thinking
Sal talks about how government spending is difficult to unwind
Power Point - Monetary Policy
Video - The Fed
Video - Monetary Policy
Homework: Due Friday January 25
- Fiscal and Monetary Policy Chart and Questions
- questions on page 3 will be collected and graded
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