Economic theories
Storyboard Text
- Smith
- The tendency of free markets to regulate themselves using competition, supply and demand, and self-interest. With the 3 elements of the system of national liberty to get prosperity is to maximize freedom, make sure there is competition otherwise there is monopoly power, and need a system of justice.
- An economy's output of goods and services is the sum of four components: consumption, investment, government purchases, and net exports. Also that inadequate overall demand could lead to prolonged periods of high unemployment.
- Keynes
- I have many supporters such as, Roy Forbes Harrod and Sir John Richard Hicks.
- I do too!Such as David Ricardo, Jean-Baptiste Say, and Irving Fisher.
- My theory doesn't support government interventions of today because the government seeks for their own success rather than the people. We disagree with government intervention because it could stop competition and our freedoms will dwindle.
- My theory supports government interventions as of today because we use the same tactics for other countries/place. But we disagree with government intervention because it could stop are plans to go full out my theory because my theory requires no restraint.
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