Social Work 1022A/B Study Guide - Quiz Guide: Nairu, Monetarism, Money Supply

• School: Western University
• Department: Social Work
• Course: Social Work 1022A/B
• Professor: Irene Krajnyk

Document Summary

What are the two main components of the social welfare system: income security 2) social services. Universal programs are for everyone in a specific category such as ppl over 65 or children; on same terms and as a right of citizenship. Selective programs target benefits at those who are in need or eligible based on means test aka income test aka needs test. Identify two economic approaches to social welfare discussed in last week"s class, the readings and the video clips (important economists in the past), and for each one, provide two characteristics associated with the approach. In class response #2 answer (three economic theories: keynesians followers of british economist john keynes, believes increase aggregate demand results in increased income, increased. Friedman: advocate use of $ to stimulate economy so managing supply of money, cost and available credit or interest rates. Control consumer and business spending by increase/decrease interest rates; ie decrease interest rates stimulates economy.