Overview
Quiz 3 covers the material from chapters 8,9 &10. These chapters introduce us to the work of J.M. Keynes, Milton Friedman and K. Galbraith. The contribution of these economists moves us into the modern era where governments are not afraid to lay hands on the economy and attempt to manipulate it.
- You may want to view some of the many videos on these economists or read some critiques.
- Read the assigned chapters.
- Then, answer the 4
Four questions are given in this module and will be graded accordingly:
- What are the main economic concepts introduced by the three economists in this block? For each of the concept discussed how it represented a break with the past.
- How have the concepts discussed in 2 above influenced the development of mainstream economics?
- What are (were) the main areas of disputes between the Keynesians and monetarists?
- Keynes reportedly said, “in the long run we are all dead” Discuss this assertion in light of governments undertaking fiscal measures to fix a staggering economy.