文档介绍：宏观经济学发展史
Classical Economics
Dates back to the late 1700s.
Rooted in the laissez faire writings of Adam Smith, David Ricardo, and Jean Baptiste Say.
Classical Economics
Unemployment is a natural part of the business cycle.
The economy is self-correcting.
Most important, there is no need for the government to intervene.
The Classical Economists Meet the Great Depression
The Great Depression
The stock market crashes in 1929.
Gross Domestic Product fell by almost a third between 1929 and 1933.
25% of the work force was unemployed.
Business investment fell from about $16 billion in 1929 to $1 billion by 1933.
The Birth of Keynesian Economics
The Keynesian View
John Maynard Keynes flatly rejected the Classical notion of a self-correcting economy and warned that patiently waiting for the eventual recovery was fruitless because “in the long run, we’re all dead.”
The Keynesian View
Keynes believed that under certain circumstances, the economy would not naturally rebound反弹 but simply stagnate淤塞 or, even worse, fall into a death spiral漩涡.
The Keynesian Cure
To Keynes, the only way to get the economy moving again was to prime注入 the economic pump 泵with increased government expenditures.
Thus, fiscal policy was born and the Keynesian prescription became the underlying of Franklin Delano Roosevelt’s New Deal.
The Kennedy Tax Cut
In 1962, Heller mended to Kennedy that the President advocate a large tax cut to stimulate the sluggish偷懒的缓慢的 economy.
Congress eventually agreed, and this Keynesian tax cut helped make the 1960s one of the most prosperous 繁荣decades in America.