economics - why are resouces scare?

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Modern Economic Theories


Two controversial economic policies are Keynesian economics


and Supply Side economics. They represent opposite sides of the


economic policy spectrum and were introduced at opposite ends of the


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0th century, yet still are the most famous for their effects on


the economy of the United States when they were used.


The founder of Keynesian economic theory was John Maynard


Keynes. He made many great accomplishments during his time and


probably his greatest was what he did for America in its hour of need.


During the 10s, the U.S. experienced a stock market crash of


enormous proportions which crippled the economy for years. Keynes


knew that to recover as soon as possible, the government had to


intervene and put a decrease on taxes along with an increase in


spending. By putting more money into the economy and allowing


more Americans to keep what they earned, the economy soon


recovered and once again became prosperous. Keynes ideas were


very radical at the time, and Keynes was called a socialist in


disguise. Keynes was not a socialist, he just wanted to make sure


that the people had enough money to invest and help the economy


along.


As far as stressing extremes, Keynesian economics pushed for a


“happy medium” where output and prices are constant, and there is no


surplus in supply, but also no deficit. Supply Side economics


emphasized the supply of goods and services. Supply Side economics


supports higher taxes and less government spending to help economy.


Unfortunately, the Supply Side theory was applied in excess during


a period in which it was not completely necessary.


The Supply Side theory, also known as Reganomics, was


initiated during the Regan administration. During the 170s, the


state and local governments increased sales and excise taxes. These


taxes were passed from business to business and finally to the


customer, resulting in higher prices. Along with raised taxes for


the middle and lower classes, this effect was compounded because


there was little incentive to work if even more was going to be


taxed. People were also reluctant to put money into savings


accounts or stocks because the interest dividends were highly


taxed. There was also too much protection of business by the


government which was inefficient and this also ran up costs, and


one thing the Supply Side theory was quite good at was reinforcing


inflation.


The two opposites of the Supply Side and Keynes theories are


well matched theories, but it was the time of use that made them good


and bad. Keynes theory was used during that aftermath of the Great


Depression, a catastrophe America will never forget and will never


be able to repay Keynes for the economic assistance in recovering


from it. The Supply Side theory was used after a long period of


prosperity, and although seeming to continue the practices of the


past administration, was the cause of a fearful


recession. The success of those or any economic theory is based on


the time at which it is implemented.





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