Which Theory is that?

Which Theory is that?

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  • The Classical Theory does not support government intervention.
  • The Keynesian Theory supports government intervention.
  • The government shouldn't be involved so that resources can be controlled by individuals and businesses in the marketplace
  • I think the government should be involved in order to control an economy's potential and actual output during a financial crisis.
  • I am supported by Thomas Malthus and David RIcardo.
  • I am supported by Irving Fisher and George Akerlof.
  • I believe Classical Economics is correct because it limits the intervention of the goverment and allows markets to operate without strict limits and regulation
  • Classical Economics - Laissez Faire approach -GS is not major market force -no regulation -supply creates its own demand
  • Keynesian Economics -Marketplace is imperfect -GS can jumpstart growth -Government policy can influence demand
  • Which Theory Is That? Stephanie Larrea
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