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Name _________________________________________ Date _______________________ What Would Would Keynes Do? Do? Directions: John Maynard Keynes was a prominent economist whose ideas have been used to solve economic crises such as recessions and depressions over the past century. Use the resources listed on page 2 to research answers to the following questions. Then write a memo to President Obama with advice on how he should use Keynesian theory to address the current economic recession. 1. How does Keynes believe people make decisions? ____________________________________________________________________________________ ____________________________________________________________________________________ 2. What is a Keynesian “beauty contest”? What does it have to do with the economy? ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ 3. What is Keynesian Economics? Write a working definition. ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ 4. Identify one president who relied on Keynes’s ideas to solve an economic crisis. Was his strategy generally thought to be successful? Why or why not? ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ 5. Name one economist whose ideas have been important to the shaping of capitalism. How are his or her ideas similar to or different from those of Keynes? ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ 6. On a separate sheet of paper, write a memo to President Obama with advice on whether and how he should use Keynesian theory to address the current economic recession. Resources: What Would Keynes Have Done? (article) http://www.nytimes.com/2008/11/30/business/economy/30view.html How the Government Dealt With Past Recessions (interactive graphic) http://www.nytimes.com/interactive/2009/01/26/business/economy/20090126-recessions-graphic.html Times Topics: John Maynard Keynes http://topics.nytimes.com/top/reference/timestopics/people/k/john_maynard_keynes/index.html Time 100: John Maynard Keynes http://www.time.com/time/time100/scientist/profile/keynes.html The Beauty Contest Game http://www.psychol.ucl.ac.uk/ljdm/Studentconference/beauty.pdf Economicae: An Illustrated Dictionary of Economics http://www.unc.edu/depts/econ/byrns_web/Economicae/EconomicaeK.htm Does Stimulus Stimulate? http://www.forbes.com/2009/01/22/stimulus-keynes-taxes-oped-cx_bb_0123bartlett.html