Economic Advisement Paper Essay Example
Option 1: Economic Advisement Paper
Brittany McCarty, Jake Vickers, & Michelle Williams
Learning Team B
Eco 372
July 11, 2013
Dr. Samuel Imarhiagbe Two Economic Theories Modernizing over the decades, two main theories support economists, proposals, arguments, and predictions. The first theory is the Classical model perspective and the second theory is the Keynesian model perspective. The first theory promotes a hands-off approach and the second a government intervention approach. The first theory believes that if left alone, the natural market forces would right themselves and eventually achieve the proper balance. The second theory believes that people have to live through the process of these natural forces achieving balance and the inherent risk is that the citizens will not survive the process and rebel and force socialism or communism. The Bureau of Labor Statistics released a report in October 2012 detailing the economic history and drives future decision making. The Classical and Keynesian model perspectives are present in this report. Each factor also moves the aggregate demand curve to the left or the right as each action imposed or restrained shows another example of Classical and Keynesian theories. Unemployment Status October 2012 The U.S. Bureau of Labor Statistics (BLS) reports that in the United States, employment was up by 171,000 in October 2012; however, there was no change in the unemployment rate of 7.9% with 12.3 million unemployed people (United States Department of Labor, 2012). Representing the labor force, the unemployment rate for Blacks increased to 14.3 %, whereas the rates for men, women, teenagers, Whites, and Hispanics had no significant fluctuations. Only the Asian workforce increases to 7.3% from prior year to 4.9% in October 2012. Americans who have been seeking work for more than 27 weeks stayed stagnant with five million still
Brittany McCarty, Jake Vickers, & Michelle Williams
Learning Team B
Eco 372
July 11, 2013
Dr. Samuel Imarhiagbe Two Economic Theories Modernizing over the decades, two main theories support economists, proposals, arguments, and predictions. The first theory is the Classical model perspective and the second theory is the Keynesian model perspective. The first theory promotes a hands-off approach and the second a government intervention approach. The first theory believes that if left alone, the natural market forces would right themselves and eventually achieve the proper balance. The second theory believes that people have to live through the process of these natural forces achieving balance and the inherent risk is that the citizens will not survive the process and rebel and force socialism or communism. The Bureau of Labor Statistics released a report in October 2012 detailing the economic history and drives future decision making. The Classical and Keynesian model perspectives are present in this report. Each factor also moves the aggregate demand curve to the left or the right as each action imposed or restrained shows another example of Classical and Keynesian theories. Unemployment Status October 2012 The U.S. Bureau of Labor Statistics (BLS) reports that in the United States, employment was up by 171,000 in October 2012; however, there was no change in the unemployment rate of 7.9% with 12.3 million unemployed people (United States Department of Labor, 2012). Representing the labor force, the unemployment rate for Blacks increased to 14.3 %, whereas the rates for men, women, teenagers, Whites, and Hispanics had no significant fluctuations. Only the Asian workforce increases to 7.3% from prior year to 4.9% in October 2012. Americans who have been seeking work for more than 27 weeks stayed stagnant with five million still