SOSC 1000 Lecture Notes - Lecture 7: Keynesian Economics, Stagflation, Classical Liberalism

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By the late 1960s-early 19702, there are interesting developments in the new world; us is engaged in war in vietnam. American consumers are buying huge amounts of importing goods; payment problems. Stagflation: stag taken from stagnant (unemployment), flation taken from inflation. Academics like a classical liberal theorist, wrote about the promise about the post-world war, the rights of citizens, how this meant greater freedom and prosperity, etc. We may all be keynesians now but there is something fundamentally wrong with this orthodoxy. Freedmen argued how we should turn our attention to inflation, supply, and abandon the emphasis on taxing, and concern ourselves with monetary policies. Inflation should be kept low as possible by printing money, keeping interest rates low, regardless of the cost it would have to unemployment. In the late 1970s, notably in the us, people opposed to keynesian economic policies. There is a hug onslaught about how a government is to b.

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