Class Discussion
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(1a) Economists tend to fall into two distinct camps where government intervention in the economy is concerned.
“Keynesian” economists favor active policymaking based on the
Phillips Curve and NAIRU theories. These theories purport a possible
trade-off between unemployment and inflation and suggest that
appropriate policy can be enacted to guide us back to a soft landing
when business cycles create havoc within the economy.
Economists who align more with the “Classical” school would have a
“leave it alone” (Laissez Faire) attitude and would oppose active
policymaking. “Rational Expectations Theory” (a “new classical
approach”) suggests that people figure out what will happen based on
past policy changes, therefore rendering active intervention
ineffective.
In this week’s Discussion area, examine the following:
- In your opinion, which theory is better? Why?
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