Economic Policy ECONOMIC POLICY Thank goodness for AP
- Slides: 19
Economic Policy
ECONOMIC POLICY Thank goodness for AP Econ next semester, so… we’re gonna skip this!
ECONOMIC POLICY • President & Congress held responsible for economic “health” of nation • Policy involves improving overall economic health of nation through gov’t spending & taxation policies
Raising Revenue • Gov’t raises revenue through collection of taxes (federal gov’t collects individual income taxes, corporate income taxes, social insurance taxes, excise taxes, customs duties, & estate & gift taxes) • Gov’t also raises revenue through sale of gov’t securities by Fed Reserve & through collection of fees for services provided (e. g. patent fees)
Government Spending • May be discretionary or mandatory – Discretionary – spending about which gov’t planners may make choices – Mandatory – required by existing laws for current programs • Recently, mandatory has grown while discretionary has decreased
Government Spending • Discretionary includes defense spending, education, student loans, scientific research, environmental cleanup, law enforcement, disaster aid, & foreign aid • Mandatory includes interest on national debt & social welfare programs (Social Security, Medicare, Medicaid, veterans’ pensions, & unemployment insurance)
Historical View
How to Control the Economy? Monetary policy: • Role of the Federal Reserve – Purpose & structure – Methods of control – Independence …
How to Control the Economy? Fiscal policy • Keynesian policy • Supply-side policy Why is the economy hard to control? ?
Players in Econ Policy Game • Political differences in groups interested in policymaking – Most want benefits, protections from economic hardship • 3 main players: – Businesses – Consumers – Labor
Econ Policy & Business • Began with antitrust policy in 1890 – Sherman Act 1890 – “trust-busting” – 1914 Clayton Anti-trust Act • Political differences in regulation of market consolidation – ex: Bush vs. Obama administrations
Econ Policy & Business • Role of the SEC • Late 90 s thru 2000 s – corporate scandals and frauds – Ex: Enron, Goldman Sachs • Starting in 08: TARP used to protect market & prevent business bankruptcy
Econ Policy & Consumers • Consumer protection policy begins with 1906 Food & Drug Act – Created FDA • Today, FDA regulates manufacturing, contents, marketing, & labeling • 60 s/70 s: rise in focus on consumer issues – CPSC: hazardous products – FTC: truth in advertising & labeling
Econ Policy & Labor • Issues: wages & hours, contracts/collective bargaining, child labor, safety • Until 1914 Clayton Act, gov’t involved in disrupting unions • 1935 National Labor Relations Act/Wagner Act – Created Natl Labor Relations Board – Collective bargaining, unionizing protection
Econ Policy & Labor • 1947 Taft-Hartley Act: some restrictions on union behavior – Prez can halt major strikes thru injunction – Allowed for “right-to-work” states • 2 major labor successes: – Unemployment $ – Minimum wage
Regulating the Economy • Partisan differences in views of regulation • Two types of regulatory agencies: – Independent regulatory commissions – Independent (executive) agencies
Regulation: the Environment • 1970 s, Clear Air & Water Acts: limited pollution; regulated many corporate behaviors regarding environmental treatment – Created the EPA to enforce • Environmental impact statements: controversial requirement for projects using federal funds – Pros & Cons …
Regulation: the Environment • 1990, Clean Air Act: tighter control on auto industry • Clean Air Act & Clean Skies use profit motive to encourage businesses to selfregulate – “cap-and-trade” policies
- Chi square test goodness of fit
- Let us become more aware of your presence
- Experiments in goodness
- Goodness of measures
- Mercy and goodness give me assurance
- Chi square test homogeneity
- Lord byron writing style
- Goodness of fit
- Uji goodness of fit adalah
- Chi square goodness of fit p value
- Goodness of fit adalah
- 2 nephi 9:34
- Chi square goodness of fit p value
- Wisdom and goodness to the vile seem vile
- Multinomial goodness of fit
- Goodness of fit test
- Goodness of fit test ti 83
- F test goodness of fit
- Goodness of measurement scale
- How goodness pays