5085527
Description
Mind Map by Megan Clermont, updated more than 1 year ago
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Created by Megan Clermont
about 8 years ago
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Neoliberalism
- Milton Friedman
- monetarism
- long run trade off
between inflation
and
unemployment
- inflation redistributes
wealth, modifies value of
lent or borrowed money,
market less responsive
- inflation redistributes
wealth, modifies value of
lent or borrowed money,
market less responsive
- increasing money supply will
not help unemployment
- spending increases
- prices increase
- inflation eats up expansion
- more jobs
- lower real wages
- lower real wages
- inflation eats up expansion
- prices increase
- monetary growth should be static
- monetary policy may
overact as expectations
lag behind
- spending increases
- long run trade off
between inflation
and
unemployment
- spending based on
permanent income
- monetarism
- George Stigler
- regulatory capture
- tie between government and corporations
- can't
effectively
regulate
- may implement
policies beneficial to
corporations
- can't
effectively
regulate
- better to have no regulation
- tie between government and corporations
- regulatory capture
- Arthur Laffer
- too high of tax rates distorts incentives
to work, takes large amount of wage
- too low of taxes, government doesn't
have enough revenue
- point of optimal taxation, the Laffer curve
- too high of tax rates distorts incentives
to work, takes large amount of wage
- Supply Side Economics
- cut taxes of rich
- rich will invest
- jobs will be created
- nation will increase competitiveness
- nation will increase competitiveness
- research and development
will increase productivity
- marginal value of each
worker will increase
- wages will increase
- tax revenue will rise
- tax revenue will rise
- wages will increase
- marginal value of each
worker will increase
- jobs will be created
- rich will invest
- cut taxes of rich
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