Midyear Prep
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| show | the use of government spending or tax policies. can be used to affect our demand for products. if taxes go down then our spending goes up, boosting the economy. does nothing when there is high prices and low growth
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| Classical Theory/Say’s Law | show 🗑
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| Demand Side Theory/Keynesianism | show 🗑
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| show | Keynes is wrong, instead of messing with fiscal policy, use monetary policy, if we decrease interest rates growth will increase, if we increase rates vice versa. believes in that the gov't shouldn't intervene that much in the 1st place.
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| show | if the gov't cuts taxes, it might collect more revenue. people are motivated to work since they get to keep it for themselves. not working that much in modern times
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| show | Sets free markets, less gov't intervention => lets people make their own choices, believes that people must save to invest (don't spend more when you are in bad times bc of spending, doesn't actively help the unemployed
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| Spectrum | show 🗑
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