We're going back to ECONEDLINK for Activity #2 to spend some time looking at the debate between Classical Economists and Keynesian Economists – a topic that's truly relevant given our current economic situation. As you work through the material, you'll have to answer some questions and make some decisions. You may never feel competent to do that but – if you've been doing your work – by now you know enough to give it a try … so go for it.
To begin, go to
http://econedlink.org/352. This activity is not divided into parts as was the last one so it is shorter. You need to complete the entire activity, including the Assessment. As with the last time we were on this site, I will not repeat the instructions here but I do need to add to them. Follow the instructions given in the assignment except for the following changes.
This activity contains two boxes with two questions each. You do not need to answer the questions in the boxes but you WILL need to answer them so take notes at the least. As with Activity #1, you have a print option but don't need to use it.
You may notice that the two answer boxes give you the ability to email your questions to your instructor. Do not, and I repeat, do NOT use it. My software would never allow such an email to get through so you'd make the effort for nothing.
After the 2nd question box and just above the Conclusion is a hyperlink in red font for a Self Check Activity. It's not obvious so look for it. Click on that link and a small box will pop up. It
should work with no problems but, if you do have problems, try the following.
If the words are too small to read, right-click your mouse and choose Zoom In. You may have to do that more than once.
If there is no scroll bar and if your mouse wheel will not let you scroll up and down, your mouse pointer will turn into a hand (as in PDF) and you can push
or pull the print up or down.
The box contains 30 short economic situations, each of which is followed by two options. For each problem click on the option you think is most likely to correct it. You'll get immediate feedback. Even when you get positive feedback, think carefully about the possible rationale for the feedback you received and use what you learn when considering the other situations. That seems like a lot of trouble but it's important that you get this experience. And, with no one watching, you can take as long as you want and start over as often as you want.
When you've finished the the online work, I will expect you to send me the following. (Do
not send me numbered answers.)
The first box asked what the government should do with taxes and government spending during a period of recession or during a period of rapid inflation, according to Keynes. Write a brief essay that answers those questions. Do not copy-and-paste. Explain to me what you learned in your own words.
The second box asked how the Federal Reserve can use the reserve requirement, the discount rate and open market operations during a period of recession or during a period of rapid inflation. Again, write a brief essay that answers those questions. Do not copy-and-paste. Explain to me what you learned in your own words.
Finally, in the Assessment section of this activity you make recommendations about the economy, check on the government's current policies and answer three questions: (a) In response to the situation, what would you propose Congress do with its tools of fiscal policy? (b) In response to the situation, what would you propose the Fed do with its tools of monetary policy? (c) How do the government’s policies compare to your recommendations? Write a brief essay that explains your thinking and how it compares to governmental action.
Make specific and detailed connections to the course material you have been studying.
I am not asking you to write three separate brief essays. I'm asking you to send me
one thoughtful in-depth piece that explains what Keynes would think the government should do, what the Fed could do, what you propose and how your ideas compared to the government's actions. It ought to all fit together.
If you have trouble with spelling and grammar, find someone to help you edit your work before you send it. Don't hide great ideas with poor writing habits.
By the deadline shown in the Course Schedule on the main page of the syllabus:
Send the requested responses in the body of a new email to dramyglenn@earthlink.net.
Put only your name and Activity #2 at the beginning of your email.
Be careful to use the correct subject line.
Late responses lose one point per day late, including weekends and holidays.
READ THE FOLLOWING SECTION FROM THE MARGIN NOTES.
