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What is the role of social justice in economics? Justify your position. (In your answer be sure to discuss the viewpoints of both John Rawls and Friedrich Hayek)

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Anne Gillian Duero
Anne Gillian DueroLv10
28 Sep 2019

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Macroeconomics

Macroeconomics is perhaps the most divisive area of economics when applied to political decision making, and macroeconomists divide themselves into different schools of thought. Two of the biggest camps are the Keynesians and the Monetarists. Keynesians and post-Keynesians follow the theories of John Maynard Keynes, the most-celebrated economist of the 20th century who proposed that government stabilize the economy with the use of the fiscal policy. Monetarists, on the other hand, follow the teachings of Friedrich Hayek. For this assignment do some research on the ideas of Keynes and Hayek. Focus on the "big picture" of what their main ideas are and how they have influenced policymakers. Then write a 4- to 5-page paper addressing the following questions:

  1. Discuss the policies that Keynes and Hayek advocated regarding how the federal government should manage the economy.
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Macroeconomics

Macroeconomics is perhaps the most divisive area of economics when applied to political decision making, and macroeconomists divide themselves into different schools of thought. Two of the biggest camps are the Keynesians and the Monetarists. Keynesians and post-Keynesians follow the theories of John Maynard Keynes, the most-celebrated economist of the 20th century who proposed that government stabilize the economy with the use of the fiscal policy. Monetarists, on the other hand, follow the teachings of Friedrich Hayek. For this assignment do some research on the ideas of Keynes and Hayek. Focus on the "big picture" of what their main ideas are and how they have influenced policymakers. Then write a 4- to 5-page paper addressing the following questions:

  1. Discuss the policies that Keynes and Hayek advocated regarding how the federal government should manage the economy.
    1. What are the major differences between each school of thought?
    2. Based on your answer to question #1a, which of the two economists would you agree with more? Explain.
  2. Read Case in Point 3: Steering on a Difficult Course in section 17.3 of the online text.
    1. Why did people believe the difficulties Asian economies were experiencing in 1997

1. Adam Smith favors a policy of laissez faire in managing economic activities. Why?

2. Economics deals with the efficient use of resources? Why?

3. Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?

4. It is possible for everyone to enjoy comparative advantage in a task of their choosing. Why?

5. Prices and wages help coordinate economic activities. How?

6. Friedrich Hayek wrote,

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