Economic Advisement Paper

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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 …show more content…
The bureau highlights that the third-quarter advance forecast release is the foundation that the source data is incomplete and a more complete data will release on November 29, 2012 (Board of Governors of the Federal Reserve System, 2012). The growth in real GDP in the third quarter largely replicates optimistic influences from government expenses, residential ventures, and personal consumption expenditures (PCE). This partially equalizes from destructive influences from foreign trade, business investment, and the accumulation of goods inventories. The declines of imported goods are a deduction in the GDP formula. The spurt in third quarter real GDP is an improvement in government expenses, a decline in the foreign market, an increase in PCE, and a slight reduction in state and local government expenditures that were affected slumps in exports and nonresidential fixed investment. As long as external factors have not increased, the aggregate demand should stay the same as the previous quarter. This BLS report shows the GDP remains steady. This is positive news as long as the aggregate demand continues to remain steady. According to the BLS, the real GDP showed a spurt as the result of an improvement in government spending. This is an example of the Keynesian model perspective. As the infamous American deficit increases during a term of increased government spending it is evidence of advanced short-term planning
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