Econ: Great Depression and New Deal Essay

Submitted By cbdg
Words: 733
Pages: 3

John Maynard Keynes believed that the economy should be a “mixed economy,” in which the government plays a role. Unlike Smith, he did not believe that the government could “self correct,” or regulate, itself. Keynesian economists believed that in order to get out of the great economic depression of the 1930s, the government needed to spend more, running deficits, by borrowing and purchasing, in order to increase the GDP and create further jobs and services for people. Franklin Roosevelt’s New Deal program was a logical solution to Great Depression problems, such as unemployment and loss of income, because by instituting new programs and purchasing infrastructure, it created new jobs for people who would later spend their new money on other goods, generating even more jobs for people in territories such as manufacturing, farming, and retail. Additionally, the New Deal programs also helped to increase the government’s income, as the taxes from the goods that were bought would help to pay off the government’s debt from the money it borrowed to create the New Deal programs. Furthermore, Roosevelt also imposed higher taxes on the rich through New Deal acts, as a way to restore the economy and government’s income. A Keynesian economist would have agreed with Roosevelt’s imposed taxes, as a Keynesian economy cannot truly work unless taxes are gradually raised. Ideally, Roosevelt’s New Deal program should have provided for automatic capital stimulation in the economy, creating new jobs for people and bringing the country out of the Great Depression.

25 years ago, in Nova Scotia, Neil Shubin discovered his “inner reptile” on a fossil expedition in Nova Scotia, where in 1985, he discovered bones within the brown sandstone of the boulders there. Most significantly, he found the teeth of a tritheledont, an ancient organism with unique features of both reptiles and mammals. It was a creature that lived in-between the transition from reptiles to mammals. Over time, a line of reptiles evolved into mammals, and eventually into humans. Today, we as humans can still see many of our reptilian features, such as the yolk sac in the early development of the embryo, “a remnant from the time our ancestors laid eggs”, or our precise rows of teeth, as our reptile ancestors decreased the number of sets of teeth that they produced. Additionally, we inherit the genes, such as EDA, and bones such as our ear bones, or reptiles’ jawbones, from reptiles. Although our earliest mammalian ancestors, like reptiles, were physically very different than us, fossils and embryos prove that we as humans are ultimately just repurposed reptiles. 1. Money does not have value until it reaches the public. The bank charges the public for the paper money that it hands out. Because everyone must get their money from the bank, and cannot simply print their own money, if a person or a business