Neoliberalism

Megan Clermont
Mind Map by Megan Clermont, updated more than 1 year ago
Megan Clermont
Created by Megan Clermont over 5 years ago
164
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1000 Intro to Public Affairs and Policy Management (Neoliberalism) Mind Map on Neoliberalism, created by Megan Clermont on 04/09/2016.

Resource summary

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