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AP U.S. Government Videos 90 videos
AP U.S. Government 1.1 Institutions of National Government. What was the scale of representation in the House of Representatives when the Constitut...
AP U.S. Government 2.2 Public Policy. What did the Budget Impoundment Control Act do?
AP U.S. Government 2.3 Civil Rights and Liberties. Classifications based on sexual orientation receive...what?
AP U.S. Government 1.4 Public Policy 187 Views
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AP U.S. Government 1.4 Public Policy. All of the following are true about laissez-faire economic theory except what?
More Video DetailsTranscript
- 00:00
Thank you We sneak and here's your shmoop use your
- 00:05
brought to you by lazy fare a carnival for the
- 00:08
faint of heart all of the following her true about
- 00:11
laissez faire economic theory Except what all rights Contrary to
- 00:17
emphasize that smith All right we know we know this
Full Transcript
- 00:21
is a p u s government Why are we asking
- 00:23
questions about economic theory Well ever noticed that the president's
- 00:27
approval ratings tend to go up is the economy improves
- 00:30
huh And that they tanked when the economy is running
- 00:33
on empty Well that's because surprise surprise people tend to
- 00:36
care about their financial situation And when things aren't going
- 00:39
so well they turned the blame squarely at the oval
- 00:41
office Now people tend to have a whole bunch of
- 00:44
thoughts on what kind of action the government should be
- 00:46
taking when dealing with the economy So let's See what
- 00:49
followers of laissez faire would bring to the party is
- 00:52
less a fat economic theory be contrary to the principles
- 00:57
of the new deal we'll face with the great depression
- 01:01
President roosevelt decided that government spending on new work and
- 01:04
welfare programs might help turn things around laissez faire economists
- 01:09
However believe that the government should do virtually nothing to
- 01:12
affect the course of the economy so they would have
- 01:14
preferred no deal to the new deal was let's say
- 01:18
fast central to de the government's approach to the economy
- 01:22
during the nineteenth century Absolutely laissez faire economics was developed
- 01:27
in part by economist adam smith author of the wealth
- 01:30
of nations and was quite popular in the nineteenth century
- 01:33
Laissez faire eventually lost fair ball to kinsey in economics
- 01:39
developed by john maynard keens who believe that the government
- 01:42
should run deficits in bad times The pump money into
- 01:45
the struggling economy sound familiar well that's because cane's ian
- 01:49
thought had a visible hand in influencing fdr new deal
- 01:53
programs which means that laissez faire is not a contrary
- 01:58
to the principles of modern fiscal policy Modern conservative economists
- 02:02
disagree with king's ian's on the amount of government spending
- 02:05
needed in recessions but virtually no politicians think the government
- 02:09
should do nothing about the economy in bad times So
- 02:12
is the correct answer Just because politicians agree they should
- 02:16
do something however doesn't mean they agree on what that 00:02:19.168 --> [endTime] something should be Their elected officials know not magicians
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