Abstract
The paper analyzes the different approaches that might be used by Keynesian theorists and monetary theorists to promote long-run macroeconomic stability. In addition, the paper also examines the impact of persistent budget deficits on the trade deficit as well as the options available to policy makers as it relates to government deficits. The paper evaluates recent national economic policies as they relate to the magnitude of the trade deficit and examines arguments for protectionist policies in terms of any effects on the trade deficit.

From the Paper
"The following discussion analyzes the different approaches that might be used by Keynesian theorists and monetary theorists to promote long-run macroeconomic stability. In addition, the current study also examines the impact of persistent budget deficits on the trade deficit. The current study also analyzes options available to policy makers when national economists as it relates to government deficits. Recent national economic policies are evaluated as they relate to the magnitude of the trade deficit. Lastly, arguments for protectionist policies are examined in..."

Tags:trade deficit, budget deficit, keynes

Abstract
This paper first provides a brief overview of Milton Friedman's and Arthur Okun's views on the economic role of government and then addresses their differences. One of the main topics of the paper, however, is the way in which the scholars actually agree, which is only apparent after scratching below the surface a bit.

From the Paper
"Milton Friedman and Arthur Okun are considered by many to be on opposite ends of the spectrum when it comes to ideas about how to redistribute income from the rich to the poor. Friedman is by most definitions a conservative in this context, while Okun is usually placed in the liberal camp."

Tags:bucket, capitalism, conservative, freedom, government, leaky, liberal, policy, poverty, redistribution, tax

Abstract
One of the functions of the government is to maintain stability in the economy and create an environment conducive for economic growth. The paper discusses the differing roles of the government from supply side and demand side perspective. In supply side economics, the government may reduce tax rates to create incentives for households to save and for business to invest. In demand side economics, the government may increase its expenditure level. The paper shows how both have the effect of increasing national output. The writer states that government expenditure, however, depends on revenues, the level of which is determined by the tax policy in place.

From the Paper
"Supply side economics adheres to the idea that cuts in tax rates will lead to increase in potential GNP (Taylor, 1995, p. 549) Supply side economists claim that tax cuts have incentive effects on savings, investment and labor supply. (Dornbusch & Fischer, 1990, p. 697) Lower tax rates mean less tax on capital gains or asset earnings and this encourages people to save. A rise in savings increases the supply of financial capital or credit leading to a decrease in interest rates, the price of capital. This stimulates investment thereby creating jobs. At the same time, lower tax rates mean higher after-tax income or disposable income for workers, so reductions in tax rates encourage them to work more. This results to an increase in labor supply. Together with the rise in investments, this leads to an increase in production activities in the country boosting the national output and eventually expanding the tax base. "

Tags:tax, output, national, expenditure, investments, incentive, stability, growth, reagan

Abstract
This paper focuses on the Austrian School of Economics, explaining that although the Austrian School of Economics was not officially founded until 1871, many theories, especially individual property rights and freedom to contract and trade went back to the 15th century. While the Austrian School of Economics theories have generated new interest since one of its members received a Nobel Prize in 1974, it is regarded by some as bogus. Much of that criticism could be based on the fact that the Austrian School does not use mathematics to quantify their theories. They look at psychological reasons as to why economic principals come into play. It is also believed that they laissez-fare (hands off) philosophy of government regulation can be traced to the Austrian School of Economics. For instance, the Austrian School does not believe in anti-trust legislation. This paper will looks at the history and major belief system of the Austrian School.

From the Paper
"Although the Austrian School of Economics was not officially founded until 1871, many theories, especially about individual property rights and freedom to contract and trade went back to the 15^th century. The School maintained popularity through the latter part of the 19^th Century, but interest waned after 1920 through World War II. After one of its members received a Nobel Prize in 1974, there was a renewed interest in the Austrian School. While there is a renewed interest, some regard its theories as totally bogus. Much of that criticism is based on the fact ..."

Tags:laissez-fare, government, theory

Abstract
A discussion of how the economic questions of social issues are answered. Economic principles and application are also being reinforced through the issues examined. This paper explains the few ways in which these questions are answered. It discusses three distinct types of economies: a market economy, a command economy and a mixed economy. It also identifies the failure of market mechanisms and government failure. This study of different economic systems is relevant in understanding the social issues and related policies. Whether or not government should provide assistance to market where market failure exists. It also discusses the mixture of market mechanism and government intervention in most of the countries today such as Australia.

From the Paper
"Any economy is faced with three basic problems: what to produce, how to produce and for whom to produce. Moreover, contemporary social issues are imperative and economics principles provide a basic analytical tool useful in understanding of social issues as well as solutions to solve these issues. Broadly speaking, free market economy and command economy are two alternative approaches to these questions. (Materano& Atkinson, 1996:33) There are large difference between the extreme of a pure market economy and a command economy. These two economy systems do not exist in their pure forms in reality. Market failure does occur in certain situations, which is a situation the market economy does not provide well enough answers to the "what, how and for whom " questions and there is a role for government to improve the situation. However, even in the case of market failure, the government may do worse than the market, which is called the government failure."

Tags:economics, principles, social, application, Australia, government, intervention, market

Abstract
The paper relates that in "The New Economics," Deming offers a vision for industry, government and education based on effective knowledge, information management and sustainable growth. The paper asserts that the author is profoundly optimistic and forward-thinking in his views of knowledge, human potential and the capacity for positive transformation. The paper discusses how Deming extends far beyond the scope of textbook economics, looking at issues related to human welfare and well-being. The paper concludes that "The New Economics" offers a visionary theory of revolutionary change, not just in American economics but in American culture.

From the Paper
"The New Economics is succinct: less than 250 pages including the index. Accessible in its tone and layout if not its writing style, the book remains viable as a trade book but its author's background and credibility and his theoretical underpinnings make The New Economics required reading for students, scholars, and professionals. The crux of The New Economics is what Deming calls "A System of Profound Knowledge," which he outlines in detail in Chapter 4. The book is divided into ten sections plus an appendix and index."

Tags:industry, government, education, welfare, profound, knowledge

Abstract
This paper examines how both a mugger and the government are manifestations of similar impulses and should be resisted for the protection of individual rights and the essence of the social contract. The paper cites various ideas of Locke, Rousseau and others on this issue and considers some of the ways the government has transferred wealth, with unintended consequences.

From the Paper
"In the two stories told, the real victim in each case is the person whose money is being taken, whether by as mugger directly or by the government indirectly. Admittedly, the situation in the second instance is somewhat exaggerated, for it implies that the mugger and the politician are working together to achieve a transfer of funds. This is what often does happen in effect, without the direct collusion between the two and the real issue is that an injustice is being done in each case. In the first case, the individual walking down the street is harmed by being attacked and by losing his money, if only for a short time. In the second instance, that same person not only is robbed of his money but his freedom, as he is then imprisoned, essentially for objecting and for refusing to be robbed further."

Tags:economics, theft, comparison

Abstract
In this article, the writer delineates the economic objectives of government policy as maintaining full-employment or low-unemployment, maintaining price stability and promoting economic growth, as well as maintaining equilibrium in the international balance of payments.

From the Paper
"The objectives of government policy are both economic and non-economic in character. For purposes of this discussion the focus is on the economic objectives of government policy. Typically three economic objectives of government policy are delineated. These three objectives are maintain full-employment or low-unemployment, maintain price stability and promote economic growth in a way that balances the sub-objectives of high-levels of growth and sustainable growth. Frequently a fourth economic objective of government policy is delineated."

Tags:policy, government, full-employment, low-unemployment, economic growth, price stability

Abstract
This paper discusses how throughout history, politics and economics have always affected each other in a variety of direct and indirect ways, for political ideologies are often based upon economic theories and economies have thrived or stagnated in accordance with contemporary government economic policies. In recent years, this close relationship between politics and economics has been demonstrated by the emergence and development of globalization, which is primarily based upon free trade and the political promotion of global business interaction. The paper notes how political proponents of globalization and many economic theorists contend that global trade creates enough economic gains that everyone involved can benefit, as long as the gains are widely redistributed between national trading partners.

Tags:politics, and, economics

Abstract
This paper examines the effect of Japanese debt on economic growth. The author considers the possibility that the Japanese debt could cripple the entire world economy. Economic growth is discussed not only from the standpoint of Japan, but also from the standpoint of other members of the world economy. The author presents background information on the economic rise, and potential fall, of Japan. The paper also consists of prominent models and theories that are presented and explained, to illustrate the economic effects of the debt of the Japanese government. Paper includes charts and tables.

Outline:
Abstract
Theory
Data
Conclusions

From the Paper
"In order to put the significance of the consideration of Japanese economics into perspective, consider for a moment the fact that Japan is the second world economic superpower, behind the United States (Witter, 1997). Keeping that in mind, there are several key economic indicators that show a true storm brewing within the Japanese economy due to the debt of the Japanese government; for example, current figures show that the debt of the Japanese government outweighs their GPD (Gross Domestic Product) by an obscenely high 170%, the Japanese National Bank is insolvent, and there is a glut of outstanding JGBs (Japanese Government Bonds (Posen, 2000). While all of these statistics are staggering, there are some very informative models and theories that illustrate this problem in greater depth; the best of these models and theories will now be presented and discussed in an effort to add another dimension to this research and provide a complete understanding of not only the topic, but also its significance to everyone in the developed world and beyond."

Tags:Japan, debt, economics, globalization