Economics Job

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Economics

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Commanding Heights

Section 1

According the video The Commanding Heights what were the main ideas of Frederich von

Hayek? Which politicians in the 20th century followed Hayek’s ideas?

Frederich argued that the economy is more complicated than the simple Keynesian story;

minimum wages should be raised with limited effects outside that sector. Political freedom and

economic freedom are inextricably intertwined, and that the order can emerge not just from the

top down but from the bottom up. Margaret Thatcher and Woodrow Wilson used Hayek ideas in

the 20

century.

According to the video The Commanding Heights what were the main ideas of John

Maynard Keynes? Which politicians in the 20th century followed Keynes’ ideas?

Keynes ideas were the replacement of capitalism by socialism, Marginalize economic liberalism

and the trade union, the government had to run a sufficiently large deficit to make up for any

shortfall in spending by the private sector, and Economic liberalism and the climax of classical

Surname 2

political economy. Manmohan Singh, Richard Nixon, and Milton Friedman followed Keynes

ideas in the 20

century.

Describe in general strokes how and when did the US and the UK adopt Keynes’ ideas.

The US and UK adopted Keynes' ideas in the 1950s and 1960s during the golden age of

capitalism through moderate intervention by governments in order to deliver higher levels of

employment and prosperity than would be possible from the unaided free market

Describe in general terms how and when the US and the UK did adopted Hayak’s ideas.

Hayak's ideas were adopted in the late1970s by the US and UK governments. The governments

were seeking to be less engaged in intervention and more concerned to improve the unimpeded

operations of markets.

What are the implications of believing the economy is like the forces of nature? What are

the implications of believing that the economy is like sophisticated machinery?

When a person compares economy to the forces of nature, he or she means that one cannot easily

pose a challenge to the economy. In other words, the statement is an idiomatic expression

referring to an unstoppable situation. The implication of believing the economy is like forces of

nature is a threat to change of policies or addressing important issues like unemployment and

inflation. Apparently, if one believes economy is like forces of nature it means that the person

has a negative attitude towards addressing the situation. On the other hand, sophisticated

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Surname 1 Name: Course: Instructor: Date: Commanding Heights Section 1 According the video The Commanding Heights what were the main ideas of Frederich von Hayek? Which politicians in the 20th century followed Hayek’s ideas? Frederich argued that the economy is more complicated than the simple Keynesian story; minimum wages should be raised with limited effects outside that sector. Political freedom and economic freedom are inextricably intertwined, and that the order can emerge not just from the top down but from the bottom up. Margaret Thatcher and Woodrow Wilson used Hayek ideas in the 20th century. According to the video The Commanding Heights what were the main ideas of John Maynard Keynes? Which politicians in the 20th century followed Keynes’ ideas? Keynes ideas were the replacement of capitalism by socialism, Marginalize economic liberalism and the trade union, the government had to run a sufficiently large deficit to make up for any shortfall in spending by the private sector, and Economic liberalism and the climax of classical Surname 2 political economy. Manmohan Singh, Richard Nixon, and Milton Friedman followed Keynes ideas in the 20th century. Describe in general strokes how and when did the US and the UK adopt Keynes’ ideas. The US and UK adopted Keynes' ideas in the 1950s and 1960s during the golden age of capitalism through moderate intervention by governments in order to deliver higher levels of employment and prosperity than would be poss ...
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