It should be said that the greatest economic thinker of our time was John Maynard Keynes. His economic postulates were of great importance to a world that was ravaged by depression, underemployment, and a lack of economic understanding for these events. Keynesian thought was to change all this and p...

The theory behind Reaganomics was sound, but when applied in real life its consequences are still present more than ten years after the fact. The tax cuts applied early in Reagan's first term cemented the ideology for what the next eight years of his reign would uphold. The Economic Recovery Ta...

In attempts to control the economy, the Government has to rely on theories and beliefs about what they feel will have the best outcomes. This leads to the problem that there is no absolute proven way in which to guarantee a successful economy, and thus leaves open the debate about which policies wo...

The Great Depression was the worst economic slump ever in U.S. history. It ranked as the worst and longest period of high unemployment and low business activity in modern times. The depression began in late 1929 and lasted for about a decade. Many factors led to the onset and continuation of the d...

At the Democratic Convention in 1936 in the midst of the Great Depression, Franklin Delano Roosevelt decried what he termed economic royalists in his acceptance speech1. He was referring to the wealthy industrialists and other members of society's upper echelon. Roosevelt's message was c...

Keynesian Economics John Maynard Keynes is uncertainly one the most important figures in the history of modern economics. The son of the Cambridge economist and logician John Neville Keynes, John Maynard Keynes was born in Cambridge, England on June 5, 1883. Keynes was educated in Britain's m...

Two controversial economic policies are Keynesian economics and Supply Side economics. They represent opposite sides of the economic policy spectrum and were introduced at opposite ends of the 20th century, yet still are the most famous for their effects on the economy of the United States when they...

Keynesian Economics vs. Supply Side Economics Two controversial economic policies are Keynesian economics and Supply Side economics. They represent opposite sides of the economic policy spectrum and were introduced at opposite ends of the 20th century, yet still are the most famous for their effec...

If an actor can not when an Emmy, the prestige award of the silver screen, then is in it ironic that he can become our forty if president. Reagan's goal was to increase jobs for Americans, and by implementing his Supply-side theory he captured his goal. After the Carter administrat...

Adam Smith Adam Smith was born in Kirkcaldy, Fife, Scotland. His exact date of his birth is unknown but he was baptized on June 5, 1723. At the age of fifteen, Smith began attending Glasgow University where he studied moral philosophy. In 1748 he began giving lectures in Edinburgh where he di...

Adam Smith Adam Smith was born in Kirkcaldy, Fife, Scotland. His exact date of his birth is unknown but he was baptized on June 5, 1723. At the age of fifteen, Smith began attending Glasgow University where he studied moral philosophy. In 1748 he began giving lectures in Edinburgh w...

Welfare a plague on society Welfare is a long debated topic in American history; there has always been strong support for both sides all the way back to the framing of the constitution. But the truth is that welfare as a whole is a social toxin mostly effecting the children. The simple fact is ...

The challenges of the current situation of a challenged economy have resurrected an enduring debate about the state of the poor. It seems that the ranks are growing despite the attempts near the end of the last century to reform the standards of social welfare. Two schools of thought have...

Is unemployment inherently bad for an economy? The answer to this question seems obvious--yes--but in economics no question can be answered so simply. There is an old saying in economics that has very few exceptions. It says that for every economic loser there is a winner, and for every economic...

One of the main problems in the global economy is the difference in savings rates between the US and China. Savings rates in China are exceptionally high. The consumer savings rate is around 30%, the highest since the government began experimenting with market reforms. In the US, savings are at -...

When Globalization tried to makes it way into the world's economy people started to say that countries with nation-states would meet its demise. The key to avoiding taxes is through the Internet and this trend caught on quick. Nation-state systems are said to work better then other forms of gov...

Related to international trade theory, there are virtually no cost advantages for producing goods overseas instead of domestically. When producing goods domestically, producers often can utilize local content, component parts and packaging materials for the final assembly, thus reducing costs t...