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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Economists from all theoretical persuasions criticized the American Recovery and Reinvestment Act. The “Stimulus Package” was arguably a Keynesian measure so why would a Keynesian economist be critical of it? Why would neoclassical economists be critical?

To determine

To state: the reasons for a Keynesian economist be critical of the “Stimulus Package” that is arguably a Keynesian measure and the reason for neoclassical economists be critical of it is to be determined.

Explanation

A Keynesian would be critical of the stimulus package because it was too small. They would explain its meager success by saying that the Act should have been implemented sooner and with much more expansionary policy.

A neoclassical economist would be critical by saying that increasing spending only helps...

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