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美国作业代写:Classical or Keynesian economics

2017-06-28 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- Classical or Keynesian economics,供大家参考学习,这篇论文讨论了古典经济学和凯恩斯经济学。古典经济学假设人们是市场上理性的经济参与者,试图最大限度地发挥自己的价值,它的动机是调节市场交易活动的无形之手。而人们的行为基于理性的期望,经济资源的价格会迅速调整以达到市场清算或平衡状态。凯恩斯主义经济学则提出,政府干预作为一项有形的手段,对市场的监管更加有效。在没有人为干预的情况下,市场需要时间来达到平衡,而这个过程中,资源可能会被错误地分配,让经济受到影响。所以政府应积极采取行动,引导市场发展。

Classical economics,Keynesian economics,留学生作业代写,essay代写,美国作业代写

Classical economics

Classical economics assume that people are rational economic participants in the market trying to maximize their own value, and this motive acts as an invisible hand regulating the trading activities in the market. People behave based on rational expectations, and prices of economic resources will be adjusted promptly to reach the market clearing or equilibrium status.

There are several drawbacks in classical economics. First of all, the assumption of rational economic participants cannot totally reflect the fact. On one hand, information asymmetry creates obstacles for rational expectations and judgments. On the other hand, even if people have sufficient information, they still tend to make decisions deviated from utility maximization. The behavioral economics propose that people are irrational since they will be impacted by emotional factors thus cannot stick to the utility theory. Secondly, the prompt price adjustment assumption is not realistic. Information asymmetry makes it difficult for prices to be adjusted quickly to reflect the supply and demand relationship; in other words, prices tend to be sticky in the short run. For instance, let us suppose that there are two marketplaces selling the same products but one of them sells at higher prices. According to classical economics, the one selling at higher prices should close down soon unless it lowers its prices to the level same as the other one. However, the fact is that the expensive one could probability squeeze the other one out of the market using special resources. The market is not fully competitive as ideally assumed and cannot reach equilibrium automatically.

Keynesian economics

Keynesian economics propose that government intervention, as a visible hand, regulates the market in a more efficient way. Keynesian economics believe that it takes time for the market to reach equilibrium by itself without human intervention, and during the process resources could be allocated in a wrong way and the economy could suffer. The government should take actions actively to direct the market development rather than sit and wait for the automatic market clearing, to avoid resource misallocation or wasting, imbalance between supply and demand, and low efficiency.

We cannot deny what the critics say about the theory, and it is true that sometimes government intervention could be incapable of action in face of some issues, while it does have positive practical impacts on modern economies. For instance, the Singapore Housing Development Board has been implementing the policy of selling HDB flats to citizens and permanent residents at prices much lower than the market level. The HDB flats account for approximately 80% of the entire real estate market in Singapore. Market clearing is where the demand curve and the supply curve intersect, and for real estate market, it takes quite a long time for it to reach equilibrium automatically due to its high-value attribute making demand not supported by adequate purchasing power. If the laissez-faire attitude is taken, it could probably take years for a person to accumulate enough wealth or liquidity for a down payment, which is unfavorable for inventory turnover. Simultaneously, the gap between the rich and the poor could be further enlarged when the house assets held by the rich get appreciated and become even more unaffordable to the poor, enlarging the imbalance between demand and supply as a result. Therefore, government intervention is essential to solve the imbalance.

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