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1、FiscalandMonetaryPolicyWhydotheexpertsdisagreeineconomics?Thereareseveralpossiblereasons:·DifferentTimePeriod:Economistsmighthavedifferentopinionsontheeffectofnationalpolicy,andtheymayallbecorrectbecausesomearediscussingasix-monthtimeperiodandtheothersmaybediscussingatwo-yea
2、rtimeperiod.·DifferentAssumptions:Inconsideringwhattheproblemisorhowasolutionwillwork,eacheconomistmighthavedifferentbasicassumptions.IfyoubelievethattheGDPwillgrowinthenextfiscalyear,andIdonot,wewouldhavecompletelydifferentideasaboutwhatnationalproblemswilloccurandhowtodeal
3、withthem.·DifferentTheories:ThereareseveralschoolsofthoughtthateconomistshaveintheMacroeconomicworld.IfoneisaKeynesianandanotherisaClassicalist,theywillhaveverydifferentopinionsonwhatisrightorwrongwiththeeconomyandhowtodealwiththatsituation.·DifferentValues:Someeconomistsmay
4、sharethesameassumptionsandtheories,butsomebelievethatinflationisthemostimportantissuethatmustbedealtwith,whiletheothersbelievethatunemploymentisthemostimportantissuefacingtheeconomy.Thesedifferentvalueswouldleadtodifferentopinionsonwhatstepstotake.MonetarismSimilartoClassica
5、ltheory,monetarismismostoftenassociatedwithMiltonFriedman,whoarguedthatKeynesianpolicywasineffectivebecauseofcrowdingoutandcrowdingin.Monetaristsbelievethattheeconomyisstableinthelongrun.Therefore,theFedshouldfollowamonetaryruledesignedtoincreasethemoneysupplybythreetofivepe
6、rcentperyeartospuramatchingincreaseinGDP.Bydoingthat,therewillnotbeenoughmoneyflowingthroughtheeconomytosustaininflation,or,inthecaseofarecession,theinjectionofmoneywillincreaseoutputcausingunemploymenttodecrease.SupplySideEconomicsRonaldReagansummedupsupplysideeconomicswith
7、onefamousquote:"Governmentisnottheanswertoyourproblems;Governmentistheproblem."Whatthepresidentmeantbythisstatementisthatdecadesoftaxingandregulationhadreducedthenation'sabilitytoproduceatmaximumlevelsofefficiency.Economicallyspeaking,thegovernmenthad,bywayoftaxingandregulat
8、ion,reducedtheaggregatesupplyofthenation—shiftingtheAScurvetotheleft.Theres
