The Classical And Keynesian Theories Of Unemployment

The Classical and Keynesian theories of unemployment offer explanations to describe why unemployment rises in an economy. They are both different school of thoughts and have different views when it comes to unemployment. The Classical school was created before Keynes and their theories were seen as the staple theories to follow when it came to economic theory. All Classical explanations of unemployment assume that the labour market clears and the theory of unemployment implies that the labour market performance is being obstructed in some way. â€Å"The major characteristic of the Classical approach is that agents continuously optimize and markets continuously clear; hence there can be no involuntary unemployment.† (Lipsey and Chrystal 2011, p.586) The approach argues that unemployment is the product of voluntary decisions made by everyday people who are choosing to do what they do, including spending some time out of unemployment. â€Å"The Classical model in its purest form assumes that the labour market clears via real-wage adjustment, and that the demand for labour depends only on the properties of the production function.† (Hillier 1991, p.21) In this theory, it is presumed that the markets act as defined by the idealized supply and demand model: the labour market is seen as though it were a single, stagnant market, ill ustrated by perfect competition, spot transactions and institutions for double-auction bidding.Show MoreRelatedClassical Vs Keynesian Economics1235 Words   |  5 PagesClassical and Keynesian economics are both accepted schools of thought in economics, but each had a different approach to defining economics. The Classical economic theory was developed by Adam Smith while Keynesian theory was developed by John Maynard Keynes. Similarities: One of the most surprising similarities between the two theories is that John Keynes developed his theory based on the Adam Smith’s theory. Keynes did not entirely disagree with Adam Smith but rather, expanded the theory basedRead MoreNew Classical Macroeconomics Arose From The Monetarism And Rational Expectation School Essay922 Words   |  4 PagesIntroduction New Classical Macroeconomics arose from the Monetarism and Rational Expectation School in the 1970s and follows the tradition of classical economics. If the market mechanism is allowed to play its role spontaneously, which could solve the unemployment, recession and a series of macroeconomic issues. Keynesian economists believe that changes in the money supply will lead to changes in effective demand that will changes in the total economy. For economic cycle fluctuation, Keynesian economistsRead MoreMacroeconomic Theories Of Macroeconomics And Classical Economics999 Words   |  4 Pagesmacroeconomics is one of the two most general fields in economics. There are two major macroeconomic theories that economists use to describe the economy. Those theories are Keynesian and Classical. Each theory has a different approach to the economic study of monetary policies, consumer behaviors, and government spending. A few distinctions separate the two theories. Classical economics is the theory that free markets will restore full employment without government intervention. They believe thatRead MoreIntroduction. The Rising Unemployment Has Generated Challenges1381 Words   |  6 PagesIntroduction The rising unemployment has generated challenges in low income communities. Unemployment involves a situation where people in a particular community are actively seeking employment but the employment rates are low. The increased rates of unemployment are contributed to by factors such as recession periods that adversely affects the economy. Impacts on the economy in turn affect the labor force leading to loss of employment and reducing the rates of employment opportunities in the countryRead MoreThe Theory Of The Classical School1694 Words   |  7 Pages The classical school is one of the economic thoughts; the key assumption of this school is that the market system is the most efficient system in the sense that the unencumbered market mechanism ensures the optimal allocation and utilisation of scarce resources. They also believed that â€Å"Supply creates its own demand.† (The early debate on policy atavism) In other words, in the process of producing output, businesses would also create enough income to ensure that all of the output will be sold.Read MoreKayne vs Hayek1370 Words   |  6 PagesMacroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. They develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. The two major theories of economics are Classical Economics and Keynesian Economics. Classical economists believe that markets function very well, will quicklyRead MoreRecovering The American Dream1085 Words   |  5 Pageshas struggled to recover. The worst may finally be over if key factors are a good indication, rates of unemployment within the U.S. have fallen consecutively in several recent months. Supply and demand is driven by four distinct economic factors (consumer income, expectations, interest rates, and unemployment rates), these will be detailed and expanded upon below. Unemployment Rates of unemployment are determined by calculating the percentile of the employable aged population within the U.S. economyRead MoreEconomics : Classical Economics And Keynesian Economics1665 Words   |  7 Pagesattempt to highlight the key factors of the two theories of economics: classical economics and Keynesian economics. Since Classical Economics is considered to be the first school of economics. I will start to explain this concept first. In the 18th and 19th centuries, there was a group of economists that worked together to develop theories to explain how market to market relationship work between each other. The most important contributor to the classical school of economics was the great economistRead MoreEconomic Advisement Paper1634 Words   |  7 Pages372 July 11, 2013 Dr. Samuel Imarhiagbe Two Economic Theories Modernizing over the decades, two main theories support economists, proposals, arguments, and predictions. The first theory is the Classical model perspective and the second theory is the Keynesian model perspective. The first theory promotes a hands-off approach and the second a government intervention approach. The first theory believes that if left alone, the natural market forces would right themselvesRead MoreThe Keynesian Era During The Middle Of The Nineteenth Century1720 Words   |  7 PagesBefore the â€Å"Keynesian† era in the middle of the nineteenth century, economists Adam Smith, David Ricardo, Thomas Mathus, and John Stuart Mill all shared somewhat similar economic views of the world. Some of the main concepts covered during this time included the division of labor, theories of rent, value, and distribution, theories of market â€Å"gluts† and population, and opportunity cost, competition, and trade. These classical economists believed capitalism was the foundation for an efficient economy

The Year Recovery And Reinvestment Act - 2483 Words

As part of the 2009 Recovery and Reinvestment Act, the Obama Administration secured $4.35 billion to encourage state-led education reforms known as the Blueprint for Reform. The Blueprint for Reform was a proposal to change the Elementary and Secondary Education Act, which was first established in 1965 (Rochefort and Donnelly, 2011, p4). In 2002, President George W. Bush‘s made changes to the Act by introducing his education reform plan, No Child Left Behind (NCLB). Obama‘s Blueprint for Reform proposal involves changing NCLB as well as encourage the adoption of college and career-ready student education standards (Rochefort and Donnelly, 2011, p4). One of the educational programs of the Blueprint of Reform is the Race to the Top program. The Race to the Top program was â€Å"a highly competitive federal grant program†¦ [where states would identify] their persistently lowest-performing schools based on student academic achievement, student growth, and graduation rates, and begin the process of turning them around,† (Rochefort and Donnelly, 2011, p3). Those districts or cities interested in applying for the grant money, â€Å"would be required to implement one of four ―school turnaround models, the specific choice to be made by local administrators,† (Rochefort and Donnelly, 2011, p3). The four models are as follows: †¢ â€Å"The transformation model requires replacement of the school principal, strengthening of staffing, implementation of a research-based instructional program and newShow MoreRelatedThe American Recovery And Reinvestment Act Essay799 Words   |  4 PagesOn February 17, 2009, the American Recovery and Reinvestment Act was instated. This fiscal plan was created to stabilize the economy while it was spiraling down out of control. At the time, the United States was experiencing many economic problems and was very close to a collapse. The American Recovery and Reinvestment Act was created by Barack Obama to save 900,000 to 2.3 million jobs. The plan asked for 800 billion dollars but had to be approved by congress first. This plan tried to end the breakdownRead MoreAn Imbalance Between Rich And Poor Is The Oldest And Most Fatal Ailment Of All Republics1524 Words   |  7 Pages that is the extension of the American Recovery and Reinvestment Act (ARRA) of 2009 improvements to the Child Tax Credit and the Earned Income Tax Credit. The extension of this effective policy will ensure that parents and caregivers have the resources to support and nurture their children. The United States fell into a recession in December 2007 and it was the greatest economic crisis since the Great Depression. The American Recovery and Reinvestment Act was designed to help the economy recoverRead MoreThe War On Poverty And Poverty1149 Words   |  5 Pagesto the poor of the rest of the world. Fifty-two years ago in 1964 United States President Lyndon Johnson declared War on Poverty in his State of the Union Address saying â€Å"â€Å"This administration today, here and now, declares unconditional war on poverty in America. Our objective is total victory.† This declaration of war marked the beginning of a campaign that sparked many anti-poverty programs. These programs include the Economic Opportunity Act, Head Start, Community Action Program, and Job CorpsRead MoreU.s. National Bureau Of Economic Research817 Words   |  4 PagesIn the political cartoon â€Å"Five Year Anniversary,† by Nate Beeler, five stacks of one hundred dollar bills are set on fire on top of a cake that reads â€Å"2009 Stimulus.† The five candles represent the Stimulus Package’s, also known as the American Recovery and Reinvestment Act, five years of age upon being signed into legislation by Barack Obama in 2009. Beeler’s cartoon depicts the idea that the ARRA w asted money rather than pushing the economy out of the Great Recession. In December 2007, the UnitedRead More1Business Ethics Is The Application Of Essay1137 Words   |  5 Pagespersons ethical or unethical behavior in the workplace. a. True b. False 4. Regulations and laws were much stricter in the first quarter of the twentieth century than they are now. a. True b. False 5. The Interstate Commerce Act was the first federal act to regulate business practices. a. True b. False 6. A Latin phrase, caveat emptor, summarizes the vulnerable position that consumers were in the early 1900s. a. True b. False 7. The EPA is a federal agency charged with enforcingRead MoreThe Federal Reserve And Central Banking System1109 Words   |  5 PagesReserve Act of 1913 was passed. In 1791, Treasury Secretary Alexander Hamilton encouraged Congress to create the First Bank of the United States. Several Americans opposed of it, as they felt somewhat uncomfortable of one bank having all the power. After the bank’s 20 year term in 1811, Congress decided not to renew it by merely one vote. Afterwards there have been multiple other attempts to create a central bank, but they have never succeeded in the long run. That is until The Federal Reserve Act ofRead MoreTechnology and Accreditation in Nursing Essay953 Words   |  4 PagesOn February 17, 2009, President Barack Obama signs into law the American Recovery and Reinvestment Act of 2009 (ARRA). The law promotes electronic medical records (EMR) and infrastructure development, such as reimbursement-based pay, to cut health care costs (Frequently Ask ed Questions, 2009). Likewise, the ARRA is restructuring Medicare disbursements to reimburse for quality not quantity. While the law does not mandate EMR use, the federal government has set aside twenty billion dollars to helpRead MoreThe Beginning Of The Great Recession1392 Words   |  6 Pagesmost similar to the Great Depression (1929-1939). Several parallels between the two time periods reinforce this idea: †¢ Both economies enjoyed favorable real economic growth in the years preceding the downturns †¢ Banks and lenders significantly increased the rate of securitization of mortgage bonds †¢ Economic recovery has been slow in both cases However, it would be a mistake to overlook the dissimilarities. Large differences include: †¢ Rise in unemployment - GD: 19.3% vs. GR: 5.7% †¢ NumberRead MoreDoing Business With the Government: Fed Biz Opps Case Study1106 Words   |  4 Pageslow price leader there are other pieces to the proposal and documentation that are more important to the contract. Similarly, there are times that the government is forced to spend budgetary money at the end of the year, use it or lose it, as opposed to banking it for the following year. In the desire to treat everyone on an equal basis, sometimes the cost/benefit equation is muddled (Capio, 2006). Most recently, as opportunities in the private sector due to the economic downturn, because somewhatRead MoreClinical Information Case Study850 Words   |  4 Pagesthough the benefits were obviously, some technological problems also came out with the benefits in the same time with the health care providers. †¢ EHR Adoption and HIO Participation: In the year 2012, according to the authors, the EHR adoption and HIO participation were increased extremely compared to the year of 2008. The largest share of Health Care Organizations (HCOs) seemed to keep a lower percentage and decreased significantly from 2008 to 2012. †¢ Hospital and Area Characteristics: The HCOs’

The Uneducated American - 1073 Words

The Uneducated American In this day and age it seems unfathomable that there are so many people that cannot pick up a cereal box and read its contents, or read the operating manual of a toaster oven. Why is it that so many Americans cannot fill out a simple employment application or write a check? Where is the reasonable judgment in electing a President or passing a proposition? Why is it that in a country like America, with free education, are there still many people unable to read, write, or think critically? There may be a slew of reasons for this epidemic of uneducated Americans across this nation based on both facts and opinion. In my opinion, a few contributing factors may be poverty, financial deficit within communities, and government and political contribution. There is an old saying that goes â€Å"poverty breeds poverty.† That is, the social class of children born to poverty stricken parents generally repeats the social class of their parents. A parent who is uneducated themselves usually doesn’t encourage education in their children. It is unlikely that a parent will save for their child’s college tuition while they stress over making next month’s rent or how they will put healthy, notorious food on the table. Or how they will own and maintain a car to transport their children to and from school not to mention to and from a dead-end job that provides little or no benefits. Private paying families with financial security and health care can afford to purchase homesShow MoreRelatedEducation and Privileges1371 Words   |  6 PagesDo all Americans have equal rights and privileges? As years pass, sufficient education is becoming a more and more important necessity. Does the amount of education a person have deter mined the rights and privileges they get? Should this happen? How is someone determined to be uneducated or uneducated? The word â€Å"uneducated† can have a different meaning depending on the situation. â€Å"Uneducated† in most cases refers to adults who are illiterate, or adults who have not completed high school. â€Å"Susan BRead MoreJim Crow, By John Crow Essay811 Words   |  4 Pageslazy, and uneducated. This character set a very harsh stereo type for African Americans. Jim Crow became a common racial slur. According to Dr. David Pilgrim of Ferris State University by 1838, the term Jim Crow was being used as a slur for African Americans which was not as offensive as nigger, but more similar to coon or darkie (Pilgrim, David, Dr. Who Was Jim Crow.). According to PBS Jim Crow was â€Å"named after a popular 19th-century minstrel song that stereotyped African Americans, Jim CrowRead MoreRacial Stereotyping Of African Americans Essay1388 Words   |  6 Pa geswould be efficient. As I began to watch movies I started to see a trend. I saw African Americans being portrayed as being violent, uneducated, and ghetto. European Americans were portrayed as being self absorbed, materialistic, and privileged. What I want to know is if different races are being stereotyped in media for the sake of entertainment. Over time it seemed like the media would perceive African Americans as thugs. Not only were African American’s stereotyped as thugs, but they’re also seenRead MoreThe United States And The Colonization Of The Philippines1239 Words   |  5 Pageswere created and shown to the people to justify the means of the United States in colonizing other countries. The two main Filipino stereotypes are they are uneducated and uncivilized. In the media or newspaper cartoons, Filipinos are shown sitting in a classroom being taught by Uncle Sam. The Filipinos in the United States were seen as uneducated people because of how the media portrayed them. In Asia the University of Santo Tomas is one of the oldest universities, and can be found in the PhilippinesRead MoreThe American Dream and Education Essay1472 Words   |  6 PagesReza Ameli The American Dream and Education What we call the American Dream, the founding fathers called the pursuit of happiness. The American Dream is built on the promise that individuals from all walks of life can find success and prosperity here. It shapes from our opinions, desires, interests, cultures, geographical locations, and religions. Some presume the dream of becoming an engineer, a medical doctor, an athlete, a politician, or even maybe following their father’s footsteps andRead MoreThe Land Of The Free1510 Words   |  7 Pagesclear that not everyone was welcome. Stereotypes and prejudice actions became typical for settlers to become involved in and made life hard for many ethnic immigrants throughout the United States. For those peoples from Ireland along with African Americans and the native people, life was extremely difficult to live when those settlers around did not except them beyond the steroetypes placed over their heads. Known for being â€Å"less than† and savages, these people ha d to work harder than their peers toRead MoreThe Buffalo Creek Disaster Vs. Buffalo Coal Company1428 Words   |  6 PagesIn America, the poor and uneducated a disproportionally represented in the eyes of the law. We are supposed to be a country that builds each other up, and stops at nothing until each person succeeds. Whether that be by race, gender, sexuality, or age. Unfortunately, that is not the case for most Americans, especially those who are poor and uneducated. While the law plays a bigger role in their lives, more than the average middle class American, poor and uneducated people are not properly representedRead MoreWe Real Cool By Gwendolyn Brooks1075 Words   |  5 Pagesmake ends meet, ultimately leading them to give up and drop out of school. It may be further interpreted that African Americans can’t have the best of both worlds. They can’t be cool and live a prosperous life because those who drop out of school often live a short term life filled with crimes. Gwendolyn Brooks is a famous African American poet, she was the first African American to win a Pulitzer Prize. Her poems often deal with political consciousness and civil rights activism after the 1960s.Read MoreRhetorical Devices In The Narrative Of The Life Of Frederick Douglass729 Words   |  3 Pageswhich shows the idea of freedom through the eyes of Frederick Douglass, and the connection between freedom and education. Douglass shows this through rhetorical devices and the elements of rhetoric. Narrative of the Life of Frederick Douglass, an American Slave reveals that with education, freedom is attainable. There are many excerpts in this book which support the thesis statement. One of these excerpts is in chapter 6. Douglass had received basic reading training from his master’s wife, and whenRead MoreFear and Loathing in Las Vegas by Hunter S. Thomson730 Words   |  3 PagesThompson’s novel Fear and Loathing in Las Vegas, Duke and Gonzo take a road trip to Vegas. Drugs and alcohol were prominent in the main characters’ journey and the substances were used to show Duke and Gonzo escape from life, their path to find the American Dream and to bring out the truth of the drug culture in America. Drugs and alcohol can be used as a depressant or as a stimuli but one thing is certain is that they help forget who you are and what you are doing in life. They keep you away from

Ielts Writing free essay sample

IELTS writing the editing process [pic] Sunday, June 14, 2009 Posted by Dominic Cole [pic][pic][pic] Writing for IELTS is quite different from academic writing for at least one very good reason: timing. In IELTS you only have 60 minutes to produce two pieces of writing, there are no second chances and it isnt practical to draft and redraft. However, in IELTS you still need to find time to check your writing and edit it for mistakes. Here are some very practical suggestions on how to go about this process. When to check The first step is to decide when to check. You may think the obvious time is after you have finished writing, but there are other options. None is necessarily correct: as ever I suggest you need to try each approach and see which works for you as an individual. 1. Check at the end The conventional advice is to leave 3-5 minutes at the end to review your writing. The reason to do it this way is that you can see read the whole essay and check it for coherence as well as grammatical problems. One problem with this approach is that sometimes you run out of time and do not check. Another problem is that it is more difficult to find mistakes when you check a longer piece of writing. If you are a higher level candidate and you have few problems with grammar, this is possibly the approach for you. [pic] 2. Check as you write An alternative option is to check as you write: either at the end of each sentence or paragraph. This idea may surprise you, but there is a very significant benefit to this approach: you are much more likely to find grammatical errors if you look at a sentence of 15 words than an essay of 250 words. If you know that you have consistent problems with grammar, you should certainly consider this approach. It really is much easier to find mistakes this way. 3. Check as you write and at the end This is probably the ideal choice as it allows you to find grammatical errors as you write and problems with coherence after you have written. The one difficulty is that it probably takes more time. How to check Here I have two very positive suggestion to make: 1. Check with a pen in hand so that you make sure you look at every word. Its very easy to see what you think you have written and not what you actually wrote. Reading with a pen is a good way of slowing yourself down and makeing sure you read every word. 2. Read in complete sentences and not word by word. Very often mistakes happen because all the parts of the sentence are correct, but those parts of a sentence do not fit together. What to check for This is the big one. There are a number of different items you can check for and what follows is a longish list and I suggest that in an exam it may not practical to check for all of them. You need to make your own personal checklist before the exam: to do this you need the assistance of a teacher to advise you of your mistakes. See this exam tip for more detail. Grammar The main point to note here is that not all mistakes are equal. You will be penalised more heavily for basic mistakes than more complex ones, therefore you should check your basic grammar most carefully. 1. Verb tenses: make sure they are consistent and in task 1 that your tenses match the time frame in the graph 2. Articles: this is something for everyone to check for. Articles are the most common words in English and often go wrong. To get band 7 or over most of your sentences need to be correct: this means your articles need to be correct. See my post on articles. 3. Subject-verb agreement: this means he does not he do. Even to quite a high level this is a relatively common mistake. The problem being that it is also a basic mistake that examiners will penalise more heavily 4. Parts of speech: this is another relatively low level mistake that is also quite common particularly with Asian language speakers. Check that you use nouns, verbs and adjectives when you need. This is particularly an issue in task 1 when using trend language (a sharp rise, but to rise sharply). 5. Range of sentence structures: this one may surprise you, but it is important if you want band 6 or above to vary your sentence structures. It is not enough always to use simple but correct language. Vocabulary I suspect that this is something that few candidates bother to check. A mistake. Vocabulary is as important as grammar and in a way it is easier to correct. 1. Repetition: under exam conditions looking for repetition is perhaps the area where a candidate can most improve their writing. It is relatively easy for a candidate to see that they have repeated words and to correct this mistake. 2. Repetition (2): check that you have not repeated whole phrases and sentences from the question 3. Spelling: check that you get at least the basic words right Coherence Again, this is another area that sometimes does not get checked. You do need to think about this as it accounts for a large part of your mark. 1. Topic sentences: each paragraph starts with a topic sentence that clearly relates to the question 2. Paragraph development: each paragraph is developed with explanations and examples of the topic sentence. In task 1 this includes having enough detailed information and facts. 3. Connecting words:make sure that the connecting words you use are accurate. A frequent mistake is to overuse connecting words. Answering the question If you dont answer the question, the examiner is likely to penalise you very heavily. Really speaking, it is too late to check this at the end, this is something more for the planning stage. 1. Introduction: check that your introduction addresses all parts of the question 2. Conclusion: check that your conclusion gives an answer to the question What not to do Whatever you do, dont count the words. That is a complete waste of exam time. If you are worried, count how many words you write in one line and then count how many lines your writing is. (Words like a and an still count as words).