1. ECONOMICS: April 13
Warm-up If the economy is experiencing a recession, how would economic policy-makers use the fiscal policy tools? Who is responsible for 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; Laffer Curve; origins of modern supply-side manage ment (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