Select one of the following schools of economic thought: Keynesian, Chicago, and Austrian.

a. Identify three keys points or beliefs that are held by that particular school.

b. What are the macroeconomic policy implications of those beliefs? Explain your answer.

c. Which school of economic thought do you find to be most convincing? Why?

The Keynesian school of economic thought:

a. Identify three keys points or beliefs that are held by that particular school.

• wages, prices, and interest rates are "sticky," rather than flexible
• therefore, the economy will not reach equilibrium on its own
• therefore, government intervention in the economy is necessary and desirable

b. What are the macroeconomic policy implications of those beliefs? Explain your answer.

Keynesian economics favors a high level of government activity in the economy through fiscal policies - taxation and government spending

c. Which school of economic thought do you find to be most convincing? Why?

I am a Keynesian who favors an Activist role for government in the economy. I am also a Democrat. I believe that the government can actively promote societal goals related to income redistribution, free health care and education, and justice and equality for all. I am writing this on the day before Joe Biden becomes the US President. I am feeling positive and optimistic about our future.