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  • Hey Lisa does Classical theory or the Keynesian theory support government intervention?
  • The Keynesian theory was created by John Keynes, this theory supports government intervention! For example, the government helping one when they have no money. They also assist the lower class. Another example is if the economy is in recession, then they would increase government spending to regulate it.
  • The classical theory was created by Adam Smith, this theory that does not support government intervention. For example, this theory supports the idea that the economy will always regulate itself. Lastly, this theory functions around the idea that the economy is like a machine that operates perfectly on its own and that prices and wages are flexible.
  • Hey Mariah, why those two theories disagree over government intervention
  • One reason that these two theories disagree is because classical theory supporters believe that an unregulated economy works best. However, Keynesian theory supporters believe that it's the government's responsibility regulate the economy regardless of what is going on in it. More specifically, classical theory supports do not like barriers put in place by the government. Another disagreement that these two theories disagree over government intervention is that the economy really has no self-balancing mechanisms that could potentially lead to full employment, whereas government intervention (Keynesian theory) can successfully achieve full employment along with price stability
  • So, James do you think the classical theory or Keynesian theory is correct?
  • Personally, I think that the classical theory is the better option out of the two because it focuses more on long term solutions, whereas Keynesian focus on short term. However, this all depends on your way of thinking. However, if I was in poverty and was doing everything I could do get out, I might want some government assistance. The problem with the Keynesian theory is people take advantage of it. For example, if your super low income and are choosing not to work, you can basically live off of government assistance. The reason that this is bad is it is unfair to those who are working a full-time job and doing their best to get by because the government assistance is essentially coming out of your paycheck and your personal money. If you truly need help that's one thing but it's another thing to be lazy and not work.
  • (Teacher speaking) class can anyone tell me two economists who support Adam Smith. And two economists who support John Keynes.
  • John Keynes - Roy Forbs Hamond and Sir John Richard Hioles
  • Adam Smith - David Ricardo and Jean Baptiste Shay
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