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Lecture Economics: The basics (2/e): Chapter 6 - Michael Mandel

Chapter 6 - Government and the economy. After reading the material in this chapter, you should be able to: Discuss the changes in the economic role of the government over time, including the new deal and deregulation; explain the benefits of government action; describe the limits and downsides of government action; list and illustrate circumstances in which government intervention in the economy may be useful. | Chapter 6 Government and the Economy McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives Discuss the changes in the economic role of the government over time, including the New Deal and deregulation. Explain the benefits of government action. Describe the limits and downsides of government action. List and illustrate circumstances in which government intervention in the economy may be useful. 6- Private versus Public Sectors Economists generally believe that providing goods and services through the private sector is preferable to having it supplied by the government. Private sector includes privately owned businesses and shareholder-owned corporations. Public sector includes the federal, state, and local government. The public sector provides goods and services, collects taxes, and regulates industry. 6- Private versus Public Sectors How large the public sector should be and what goods and services it should provide are the subject of heated debate among economists. Controversial questions include: Should the government or the private sector be the main provider of health care? Should the government regulate the gas mileage of automobiles? Should passenger trains be funded and operated by the government? 6- The Changing Role of Government Today, the government plays a large role in the economy. But 80 years ago, the role of the government was much smaller. The change in the government’s role occurred during the Great Depression, beginning in 1929. Economic conditions were so bad that people began to look to the government for help. 6- The Great Depression and the New Deal Because of the Great Depression, businesses and voters demanded that the federal government do something to stimulate the economy. The Roosevelt Administration proposed a series of programs called the New Deal. Many of the New Deal programs are still with us today. 6- Programs Created During the New Deal Program What | Chapter 6 Government and the Economy McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives Discuss the changes in the economic role of the government over time, including the New Deal and deregulation. Explain the benefits of government action. Describe the limits and downsides of government action. List and illustrate circumstances in which government intervention in the economy may be useful. 6- Private versus Public Sectors Economists generally believe that providing goods and services through the private sector is preferable to having it supplied by the government. Private sector includes privately owned businesses and shareholder-owned corporations. Public sector includes the federal, state, and local government. The public sector provides goods and services, collects taxes, and regulates industry. 6- Private versus Public Sectors How large the public sector should be and what goods and services it should provide .