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AP U.S. Government Videos 90 videos

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AP U.S. Government 2.2 Public Policy
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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?


Transcript

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

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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