Open Economy Economic Policies
a few paragraphs for each question to get a discussion going.
Please provide documentation where necessary.
1)If you were having a conversation with a Keynesian and a Classical economist, and the conversation turned to why the economy is experiencing high unemployment and what the government should do about it, how would each economist explain unemployment and what policies would each advocate?
2)”The Fed should simply increase the money supply at the same rate that the full employment economy grows, and the government should desist from any stabilizing urges.” What school of thought would make this suggestion, and how do economists of that school justify that prescription?
3)Testing procedures required by the US Food and Drug Administration raise the cost and price of drugs. Should we eliminate such requirements in order to ease inflationary pressures? How about the regulation of hot dog content?
4) Based on the knowledge you have gained from this course, what policies (monetary, fiscal or a combination of these) would you recommend for the current state of the U.S. economy?
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