Describe briefly how keyness and hayeks economic theory

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Reference no: EM133645020

Homework: Project in Global Economics and Political Influence

Select two of the three cases presented below and prepare a three-page written analysis of each case (six pages total). These case studies provide a real-world application of the concepts you have studied during this course.

For this homework, you are required to upload your work to your ePortfolio, in addition to Waypoint. Learn more about Folio, the ePortfolio tool, by viewing the Folio Quick Start Guide.

Case I: Government Spending and Taxation

1. Review Special Topic of Macroeconomics: Private and Public Choice.
2. Review Chapters 5 and 6 of Macroeconomics: Private and Public Choice.

Using the Government Spending and Taxation case, Chapters 5 and 6, knowledge you have gained in this course, and at least three additional credible sources, analyze the case by addressing the following:

1. Describe how government spending and the composition of the government has changed in recent decades. In other words, in what areas has the government cut spending and in what areas has the government increased spending in recent decades?

2. Determine if this change in government spending and composition will help Americans achieve a higher standard of living. Be sure to support all claims with research.

3. Assess whether democracy can survive if the majority of U.S. citizens pay little or nothing in taxes but benefit directly from increased government spending. Why or why not?

4. Propose the composition of government, government spending, and taxation that you believe would work best. Be specific and support your proposal with research.

Case II: The Economics of Social Security

1. Review Special Topic: The Economics of Social Security of Macroeconomics: Private and Public Choice.

Using the Economics of Social Security case, knowledge you have gained in this course, and at least three additional credible sources, analyze the case by addressing the following:

1. Explain how the Social Security system's basic principles differ from private insurance.

2. Determine how Social Security affects the economic well-being of the black community compared to white and Hispanic communities.

3. Assess if the current Social Security system promotes income equality. Why or why not?

4. Propose how the Social Security system could be modernized to ensure long-term solvency and fairness in distribution. Be specific and support your proposal with research.

Case III: Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government.

1. Review Special Topic: Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government of Macroeconomics: Private and Public Choice.

2. Review Chapters 11 and 12 of Macroeconomics: Private and Public Choice.

Using the Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government case, Chapters 11 and 12, knowledge you have gained in this course, and at least three additional credible resources, analyze the case by addressing the following:

1. Describe briefly how Keynes's and Hayek's economic theory and views differ.

2. Contrast the two views on how savings impact the economy.

3. Compare the two views on whether the economy would fluctuate, more or less, over the business cycle without government intervention. Be sure to address the inherent stability of the market economy and the impact of government interventions to steer the economy.

4. Hypothesize on which economist theory, Keynes or Hayek, you believe is more credible and explain why. Be specific and support your hypothesis with research.

Reference no: EM133645020

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