Keynesian Economics vs. Classical Economics free essay sample

In economics, there are two main theories: Keynesian economics and Classical economics. Each approach to economics has a different take on monetary policy, consumer behavior, and last but not least, government spending. Let us first look into classical economics. The basis of the Classical Theory of Economics is self-regulation. Supporters believe that the economy is able to maintain its-self and is always capable of achieving the natural level of real GDP. While circumstances do occasionally arise that effect the economy, causing it to fall above or below the natural GDP level, self-adjusting mechanisms are believed to exist. The belief that prices, wages, and interest rates are flexible and Say’s Law are two of the classical economists most firmly held beliefs. Say’s law basically states that the economy is always capable of demanding all of the output that its workers and firms choose to produce. Hence, government intervention is not needed. We will write a custom essay sample on Keynesian Economics vs. Classical Economics or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Generally, political liberals would side with Classical economics. Keynesian Theory rejects Say’s Law of self-regulation and suggests that the relationship between aggregate income and expenditure is key. Keynesian believers agree that government should step in and implement policies that will regulate the economy more efficiently. Typically political conservatives would agree with the Keynesian Theory. Were I a policy maker receiving conflicting advice, I would consider all aspects of the issue including equilibrium real GDP, employment, and prices. Money is measured in different ways, mainly focusing on the liquidity, or how easily and quickly it can turn into a spendable form (Ayer Colligne, Pg. 328). There are three main measurements; M1, M2 and M3. M1 represents the most liquid form of money and consists of the sum of currency and coins in the hands of the public, demand deposits, checkable deposits, and travelers checks. M2 is the sum of M1 plus the balances in savings deposits and balances deposited into money market mutual funds. Lastly, M3 is the summation of M2 plus large time deposits (greater then 100k), and several other near monies Ayer Colligne, Pg. 328-329). Expansionary monetary policies are fiscal policies that encourage economic growth. The deposit multiplier is a value representing the ratio of bank reserves to bank deposits. If bank reserves increase, bank deposits may increase by the amount of the increase times the deposit multiplier (Ayer Colligne, pg 257-328). Balance of payments accounts are an account of all transactions (monetary) between a country and the rest of the world. The BOP includes two sub accounts: the current account and the capital and financial account. The current account is adjusted for international incomes and transfers and records the monetaty value of imports and exports (both goods and services). The capital and financial accounts records the monetary value of capital inflows and outflows, and any financial investments (purchasing of stocks or bonds). The BOP must have a balance that equals zero (Ayers Collinge, pgs 378-380). The balance of payment accounts is very important to economic growth because it encourages international trade and hold each country accountable for fiscal policy. International commerce can increase the country’s consumption, however not all share in the gains. The majority of the economy benefits from international trade, but some people will end up losing due to job opportunities lost, migration, and eventual inflation/deflation, or market uneasiness.

Would You Rather, an Icebreaker Game for Adults

Would You Rather, an Icebreaker Game for Adults This party game is perfect for use in the classroom, at a seminar or workshop, or any gathering of adults. Its easy and lots of fun. Would you rather be bald or completely hairy? Give your students impossible questions to answer and help them ease into learning together. Why Use Ice Breaker Games? Icebreakers are important tools for teachers of adults.  If youre teaching adults, you know they learn differently than children. They come to the classroom with a lot of life experience, some more than others, of course, and some of them bring wisdom, too, depending on their age. When you begin a new class or start a new lesson, an icebreaker game can help your adult students feel more comfortable participating by getting them to laugh, helping them to meet fellow students, and relaxing everyone. Have fun. People engage in learning more quickly when the experience is fun. Starting a session or a lesson plan with an icebreaker can help your adult students focus on whatever you have gathered to learn. Instructions The game takes 30-60 minutes, depending on the size of the group. Break large groups into smaller groups by counting off if you have less time for this exercise. Give the participants a minute to think of a Would You Rathe question. Give some examples. There are published Would You Rather books and game cards available for sale if you have the budget to purchase them, but once you get going, you can easily make questions up yourself. If your group does not seem creative at all, you can always print handouts with question ideas and let your students choose from the list. Introduce yourself and ask the first person your question. Example: My name is Deb, and I want to know if you would rather speak to a large group or hold a snake. After the person answers, he or she should give their name and ask the next person their question. And so on. Save time for laughter and explanations if appropriate! Depending on the purpose of your class or meeting, ask participants to come up with a meaningful or thought-provoking question. If you use this game as an energizer, encourage people to just be silly. Debriefing Is Not Necessary No debriefing is necessary unless you’ve asked the group to come up with questions related to your topic. If so, some of the choices probably inspired some remarkable responses. Choose a few to discuss further or to use as a lead-in to your first lecture or activity. This icebreaker game makes a good warm-up exercise for adult education lesson plans. Would You Rather Ideas If you need some questions to get the game rolling, start with these and see if they inspire others: Would you rather play Monopoly or chess?Would you rather have super hearing or x-ray vision?Would you rather be good at drawing or singing?Would you rather be a cat or a fish?Would you rather be Catwoman or Wonder Woman?Would you rather babysit a couples child or their dog?Would you rather go one year without TV or without reading books?Would you rather attend a big party or have an intimate dinner with a few friends?Would you rather lose your hearing or lose your sight?Would you rather be able to breathe underwater or fly?