ECONOMICS: November 7 Warm-up How would economic policy-makers use the fiscal policy tools if the economy is experiencing: (1) a recession; and (2) excess.

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ECONOMICS: November 7 Warm-up How would economic policy-makers use the fiscal policy tools if the economy is experiencing: (1) a recession; and (2) excess inflation. Who is responsible for conducting fiscal policy? Economics Learning Target In order to understand how the government works to promote the economic goals of full employment, price stability, and economic growth, I will analyze supply-side policy. I will know I have it when I can: (1) list the supply-side policy tools; (2) explain Reaganomics; (3) draw AD-AS graphs illustrating how supply-side policy can remedy stagflation; and (4) understand arguments for and against the theory. --Economic Theorists -F.A. Hayek and free market policy (HO—class set) -Keynesianism vs. Austrian School (Hayek) video clip (4:25-9:10) Ch. 15, Lesson 2: Supply-Side Policies (HO) -supply-side basics; origins of modern supply-side management (stagflation of the ’70s) and the depiction of stagflation in the AD-AS graph; Reaganomics; supply-side vs. demand-side depiction of “trickle down” economics; supporters vs. skeptics Closure How do supply-side and demand-side management of the economy compare? (see HO for guidance) Assignment Make sure Ch. 15, Lessons 1-3 have been read