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ERIC Number: EJ878912
Record Type: Journal
Publication Date: 2010
Pages: 4
Abstractor: ERIC
Reference Count: 0
ISBN: N/A
ISSN: ISSN-0037-7724
Who Will Stimulate the Economic Recovery: A Ghost Story
Niederjohn, M. Scott; Schug, Mark C.; Wood, William C.
Social Education, v74 n2 p78-81 Mar-Apr 2010
The U.S. economy took a historic nosedive in 2007-2010. It was the worst downturn since the Great Depression of the 1930s. However, evidence is emerging which suggests the country is in the midst of an economic recovery. In February 2010, the U.S. Commerce Department reported that GDP rose at a 5.9 percent annual rate in October through December 2009. The one person with the most influence over this economic recovery is the chair of the Federal Reserve System's Board of Governors, Ben S. Bernanke. Bernanke, as the most influential voice in the setting of monetary policy, had a great deal of authority and responsibility as the economy slowly recovered. This article presents scenarios wherein Bernanke was visited by two of the most renowned economists in history, Adam Smith and John Maynard Keynes, who appeared to Bernanke in the form of their ghosts and gave him pieces of advice related to economy. The authors think that Smith would say, "The best course of action is to find the paths with the least amount of direct action by government. Get the incentives right and the economy will recover." Meanwhile, Keynes encouraged Bernanke not to rely too much on the economy's self-correcting abilities. (Contains 5 notes.)
National Council for the Social Studies. 8555 Sixteenth Street #500, Silver Spring, MD 20910. Tel: 800-683-0812; Tel: 301-588-1800; Fax: 301-588-2049; e-mail: membership@ncss.org; Web site: http://www.socialstudies.org
Publication Type: Journal Articles; Opinion Papers
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A