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NEW CLASSICAL ECONOMICS: A body of economic thought emerging in the last quarter of the 20th century based on greater reliance on voluntary market exchanges, a laissez faire approach to government policies, and recognition of the supply-side of the economy. New classical economics, as the name implies, is a rejuvenation of classical economics that dominated economic thought from the 1770s to the 1930s and was developed to counter Keynesian economics that was prevalent from the 1930s to the 1970s.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 14 of 18

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Because markets are imperfect, government is prompted to intervene with economic policies.
  • Economic policies are government actions designed to affect economic activity and pursue one or more economic goals.
Policies can take the form of:
  • Laws passed by legislatures.
  • Administrative actions taken by elected executives.
  • Rules set forth by government agencies.
  • Decisions made through the courts.
The government has four types of policies.
  • Fiscal policy: Based on government's power to collect taxes from the public and spend those funds as it chooses. Used for income redistribution and macroeconomic performance.
  • Monetary policy: Based on government's centralized control of the money supply. Used for macroeconomic performance.
  • Regulatory policy: Based on government's ability to enact laws, rules and restrictions. Used for efficiency and equity
  • Judicial policy: Based on government's ability to enforce laws through the courts. Used for efficiency and equity

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LAW OF DIMINISHING MARGINAL RETURNS

A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.

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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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