How Do You Fix a Depression? Keynesian Economics vs. Classical Economics

How Do You Fix a Depression?  Keynesian Economics vs. Classical Economics
How Do You Fix a Depression?  Keynesian Economics vs. Classical Economics
How Do You Fix a Depression?  Keynesian Economics vs. Classical Economics
How Do You Fix a Depression?  Keynesian Economics vs. Classical Economics
How Do You Fix a Depression?  Keynesian Economics vs. Classical Economics
How Do You Fix a Depression?  Keynesian Economics vs. Classical Economics
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(8 KB|3 pages)
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In this lesson, your students will be shown arguments for both sides of the debate - in a depression, should the government spend more or less? Classical economics says that government should get out of the way - with reduced taxes and less bureaucracy, private industry will fix the slowdown. Keynes said the exact opposite - by injecting money into the economy and hiring people, you could stimulate demand and fix the slowdown.

This is a very difficult lesson involving higher level economics concepts. Your students will receive a worksheet with four simplified arguments for each side and are asked, "do you buy this?" Even though it is difficult, I think it is essential to introduce students to the debate between classical and Keynesian economics as it essentially will shape who your students will vote for in the future - better to tell them about the subject now so they begin thinking about it.

Total Pages
3 pages
Answer Key
N/A
Teaching Duration
50 minutes
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