Midyear Prep
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| Fiscal Policy | 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 | the gov't shouldn't intervene, let the market self correct, let the economy grow (in the long run things are going to be good), no such thing as a free lunch, freedom, supply is important, short run pain to have long run gain
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| Demand Side Theory/Keynesianism | the gov't should intervene, in the short run the market self corrects too slowly, gov't should help, long run isn't as important as the short run, use fiscal policy when times are bad (cut taxes, increase gov't spending), demand is good (supply is second)
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| Monetarism/Friedman | 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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| Supply Side Theory/Laffer | 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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| Austrian School/Hayek | 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 | Keynes, monetarism, austrian, supply side
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