Purpose: Understanding Keynesian government stabilization policies, the New Deal policies of FDR, and the rise of the “Welfare State”, which created a revised role of government in market economies — this is big stuff!
Task: Use assigned resources to answer questions about the economic policies used to address recessions and depressions, and offer your own policies to address the current recession
Criteria for success: Follow directions, answer questions, and have a good discussion!
Directions: To answer the following questions,
Watch the lecture –
“Great Depression, New Deal, and Keynes”
Read the attached articles (also located in Canvas/modules/articles) –
FDR’s Example Offers Lessons to Obama (NY Times)
The New Old Big Thing in Economics: J.M. Keynes (Wall Street Journal)
Go Big: Why Biden’s Stimulus is the Best Medicine (Seattle Times)
(5 points) How did the economic policies of Keynes and FDR (in the 1930s Great Depression) influence the economic policies used to address the Great Recession (in 2009) and COVID recession (2020 – )?
Explain, giving examples of specific economic policies used in the Great Recession and COVID recession. (2 paragraphs or more)
(2 points) What are one or more examples of economic policies being used today to address COVID 19 recession in other countries? (Some have done it differently than the USA.)
Do you think these are examples of Keynesian or New Deal-type policies? Why or why not?
Explain briefly (one paragraph).
(1 point) Include at least one reference from an outside source that describes or addresses the current policy you described in #2 above. (State title of the source if it isn’t obvious from the URL.)
(2 points) What are some economic policies you would personally recommend to address the COVID 19 recession? What would the benefits of this policy be (or who would benefit)? What would the costs be (or who would pay)? You may suggest one or more, but at least one should be explained. Feel free to get creative, but be prepared to defend your proposal. (1-2 paragraphs)
For more information on Government Stabilization Policies read this: https://en.wikipedia.org/wiki/Economic_policy#
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