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AP MACROECONOMICS

AP MACROECONOMICS. SCHOOLS OF THOUGHT IN ECONOMICS. COMPETITION IS GOOD FOR THE ECONOMY AND PROMOTES EFFICIENT PRODUCTIVITY WE ALWAYS REVERT BACK TO LRAS (FE) POOEY ON GOVERNMENT INTERVENTION UNLESS IT IS TO REGULATE THOSE WHO SEEK TO TAKE ADVANTAGE

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AP MACROECONOMICS

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  1. AP MACROECONOMICS SCHOOLS OF THOUGHT IN ECONOMICS

  2. COMPETITION IS GOOD FOR THE ECONOMY AND PROMOTES EFFICIENT PRODUCTIVITY • WE ALWAYS REVERT BACK TO LRAS (FE) • POOEY ON GOVERNMENT INTERVENTION UNLESS IT IS TO REGULATE THOSE WHO SEEK TO TAKE ADVANTAGE • BELIEVE IN SAY’S LAW: SUPPLY CREATES IT’S OWN DEMAND

  3. THE KEYNESIANS • COMPETITION IS GOOD BUT INHERENTLY FLAWED • GAP OF WEALTH CREATES WINNERS AND LOSERS • GENERALLY ARE PRONE TO SPEAK FOR PEOPLE WHO LIVE WITHOUT • DON’T BELIEVE IN LONG RUN; “IN THE LONG RUN, WE’RE ALL DEAD” • STOP RECESSIONS! • UTILIZE TAXING AND SPENDING POWER TO OFFSET DOWNTURNS

  4. THE MONETARISTS • COMPETITION IS GOOD BUT NEEDS FINE-TUNING • THE ECONOMY HAS PEAKS AND TROUGHS INEVITABLY • TOO LATE TO SEE RECESSIONS • TOO LATE TO PASS REGULATIONS • SOOOOOOOOO……MANIPULATE THE i%

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