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characterized by severe recession, where over 10% are unemployed
2 quarters (6months) of continual derease in GDP
it drops and rises during the wars...increases with war, decreases when they come home. Expansion (inflation-increasing GDP), (recession -decreasing GDP).
The Great Depression
- over speculation (run on the banks-No FDIC)
- poor regulation (No Reserves)
- too much government activity
a sustained rise in the general price level; that is, all prices are rising together.
gross domestic product
John Maynard Keynes
Keynesian economics, interventionist,( government intervention supported, keep steady (on chart). Didn't want violen extremes in business cycle.
Austrian economics "let the market make the decision." Yes, to unbalance (on chart). Laisez-Faire knowledge- leave the business cycle alone
Agreed with Hayek, Also laisez faire knowledge
Keynesian (interventionist) economics
- Fiscal policy
- monetary policy
Laissez- faire econmics
let them do
FDR's New deal
Help keep the peaks smaller, not too heavey of drops and rises. Introduced regulation, creates government agencies that regulate, Government spending (keynesian effort).
maximization of resources
Government solutions for inequality
equality of pportnuity, wlefare, maximize wage, equal opportunity employer, financial aid and Affirmative Action (employment equality for women and other races).
the likelihood that you will stay in the group that you are born in.
Billionare who will give away 90% of his wealth. Thinks rich should give back
between the technology revolution and the Restoration of the gospel
- did it during a time that technology was being revolutionized
- (printing press, economic boom).
that made the techno revolution possible in the U.S.
- Free market system, blessing on land, protection of private
- property, faster communication and transportation.
Benefits/ risks of thechnology
spread of the gospel
view of technology
Can be good for somethings but can be also become a distraction
Ray Bradburry story
Isolationism vs. Interventionism (U.S. Presidents that have advocated each doctrine)
- TheMonroe Doctrine(isolationism-Washington wanted this too)
- Roosevelt corollary Interventionism
U.S. foreign policy
Our doctrine and our policy, how we deal with things. Military power, economic power, soft power.
powerful military nation in the world? Economic?
We do have the strongest military.
of Military power in foreign policy? Economic? Soft?-
- - based on arrogance, thinking we are unique, we are