milton and keynes

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9 Terms

1
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who is milton friedman

most influential neoclassical economist

2
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who founded the “chicago school of economics” and monetarism

milton friedman

3
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what books did milton friedman write

monetary history of the united states and capitalism and freedom

4
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capitalism and freedom

proposes free unregulated markets in several domains

5
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monetary history of the united states

  • Disputed the prominent view of the Great Depression at the time

  • The Federal Reserve made wrong decisions that worsened the Depression

  • Proper monetary policy is the way to limit recessions

  • Fiscal policy is not effective at limiting recessions

6
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what books did john maynard keynes write

economic consequences of peace and the general theory of employment, interest, and money

7
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economic consequences of peace

  • Reparations would burden German civilians and hinder German ability to buy exports

  • Could result in German radicalization

8
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the general theory of employment, interest, and money

  • Recessions are primarily a demand-side issue

  • Advocates counter-cyclical government spending to stimulate demand

    • Counter-cyclical: economy is down, government spending goes up

  • Government should fund public works to reduce unemployment

  • Ideological foundations of Roosevelt’s New Deal

9
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who is keynesianism named after

john maynard keynes