Sign In
Not register? Register Now!
Essay Available:
Pages:
9 pages/≈2475 words
Sources:
Check Instructions
Style:
APA
Subject:
Mathematics & Economics
Type:
Research Paper
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 46.66
Topic:

Social Liberalism. Celebrity Economist Cook-Off: Producer’s Sheet

Research Paper Instructions:

The instructor is a hard marker on citations (APA) style and having relevant content. As per documentation supplied please aim for an excellment mark as per the rubric.
Please ensure the citations are APA required and the essay has content to match the excellent rating on the rubric attached. It only shows one citation and we need at least 10
This assignment is due Monday, October 28 at 2:00 pm


 


Celebrity Economist Cook-Off: Producer’s Sheet


 


Celebrity Economic Chef: Friedrich Hayek


 


 


 


 


 


 


 


 


 


Paste a picture of Chef Hayek’s economic kitchen assistants in the boxes below.  For each assistant you select, provide the individual’s name and, most importantly, what qualifies the assistant to work with Chef Hayek.  Why would Chef Hayek want these people in his economic kitchen?  What have they done in the past that indicates that Chef Hayek could work with them?


 


Chef Hayek’s economic kitchen consists of the theory that no centralized planner or government can manage the economy and that the free market is the most efficient known allocator of resources. (Laissez-faire) Hayek won the Nobel Prize in 1974 for economics.


 



 

Assistant’s Name:  Margaret Thatcher


 


I chose this person to assist Chef Hayek because Margaret Thatcher had met Hayek shortly after he won the Nobel Prize. In the late 1970’s, at a policy meeting of the Conservative Party, as the new Party Leader, Thatcher had taken a book out of her briefcase and slammed it on the table saying, “This is what we believe.” It was Hayek’s The Constitution of Liberty. (https://deeshaa(dot)org/2019/03/27/margaret-thatchers-tribute-to-friedrich-von-hayek/). It is a book about the principles of liberty where Chef Hayek presents necessities for prosperity and growth.


 


Prime Minister Thatcher brought about influential changes such as privatization and deregulation to bring her country to a free market economy in the eleven years she ran the United Kingdom’s government.


 


 

 

Assistant’s Name:  Milton Friedman


 


I chose this person to assist Chef Hayek because both economists believe the free market will balance supply and demand in the economy and allow individuals their freedom.


 


Milton attended a meeting of the Mont Pelerin Society, an organization founded by Friedrich Hayek. The Society is dedicated to the study and preservation of free societies. Friedman’s policies include flexible exchange rates and a monetary growth rule, school vouchers, a balanced budget and the decriminalization of recreational drugs.  He opposed conscription and various forms of price controls from minimum wage to rent controls. (Britannica.com/biography/Milton-Friedman)


 

 

Assistant’s Name:  Ronald Reagan


 


I chose this person to assist Chef Hayek because he believed that “Free market and capitalism would solve the nation’s woes.” (https://www(dot)thebalance(dot)com/president-ronald-reagan-s-economic-policies-3305568).


 


The primary reason Chef Hayek could work with Ronald is that as President of the United States he had inherited double digit inflation and to get through this recession he cut income taxes, slowed government spending and deregulated businesses. This action allowed the country to realize economic growth.


 


 


The Team’s Tools and Ingredients


 


Make a list of economic tools and ingredients that Chef Hayek and his assistants are likely to use in their economic kitchen. Explain how each tool or ingredient will be used to achieve the smoothest crust on a business cycle pie. Add as many rows to the chart as needed.


 



Tool/Ingredient

Purpose of the Tool and How Team Would Most Likely Use the Tool

Inflation

The purpose of a low inflation rate is to increase spending while creating employment. The team would cut inflation by reducing government spending.

Taxes

Tax cuts encourage economic growth, and revenue for a growing economy will offset the revenue loss from any tax cuts.

Deregulation

Deregulation allows the market to control the industry. Deregulating businesses makes room for competition, increases choices and lowers prices for taxpayers. The team would use this tool permit the free market to set prices and promote growth.

 

 


 


Judges’ Comments and Scores


 


Record the scores and judges’ comments below. Remember, when acting as Smith or Marx, your scores and comments should reflect their likely assessment of the chefs based on their own ideological perspective toward economics. Your own score and comments should reflect your assessment of the approaches to managing economies taken by Hayek and his supporters.


 


 


 



Judge

Score


(1-5)

Comments

 


Adam Smith

            4

“Capitalism is based, on individual economic growth, free enterprise and free will. Markets guide economic activity and act like an “invisible hand” – allocating resources through prices, which rise when there is a shortage of a commodity and fall when it is plentiful.” (https://www(dot)conservapedia(dot)com/Adam_Smith)


 


 

 


Karl Marx

 

Believes that capitalism leads to greed and inequality.

 


(Kyle Woo)

           5

 


 


Anirudh, 2018-03-08, 10 Major Accomplishments of Margret Thatcher, Retrieved October 21, 2019, from https://www(dot)learnodo-newtonic(dot)com/margaret-thatcher-achievements


 


Dey, A., (n.d.). India’s Development, economics, policy and government, Retrieved October 22, 2019, from  https://deeshaa(dot)org/2019/03/27/margaret-thatchers-tribute-to-friedrich-von-hayek


 


Caldwell, B.J., (n.d.). Milton Friedman/Biography & Facts/Britannica.com, Retrieved on October 22, 2019, from https://www(dot)britannica(dot)com/biography/Milton-Friedman


 


Amadeo, K., (n.d). The Balance, Economic Policies (how Reagan ended the 1980s recession), Retrieved on October 21, 2019, from https://www(dot)thebalance(dot)com/president-ronald-reagan-s-economic-policies-3305568


 


Conservapedia, The Trustworthy Encyclopedia, Retrieved October 22, 2019 from https://www(dot)conservapedia(dot)com/Adam_Smith


 


 


Celebrity Economist Cook-Off: Producer’s Sheet


 


Celebrity Economic Chef: John Maynard Keynes


 


 


 


 


 


 


 


 


 


The Chef’s Assistants


Paste a picture of “Chef” Keynes’ economic kitchen assistants in the boxes below.  For each one you have selected to work with the chef, provide the individual’s name, and most importantly, what qualifies them to work with Chef Keynes.  Why would the Chef Keynes want these people in his “economic kitchen”?  What have they done in the past that indicates that Chef Keynes could work with them?


 


Chef John Maynard Keynes believes that the government should intervene in the market and proposes a demand-driven model for money. Not that government should own or control industry but optimize the economy through its “fiscal policies” of taxes and spending. (Conservapedia, The Trustworthy Encyclopedia)


 


 


 



 

Assistant’s Name: Franklin D. Roosevelt


 


I chose this person to assist “Chef Keynes” because: Franklin was influenced by him to save the United States in the Great Depression.


 


Roosevelt introduced a “New Deal” which had the objective of reducing unemployment, revive industrial activity and regulate the nation’s finances.


 

 

Assistant’s Name:  George W. Bush


 


I chose this person to assist “Chef Keynes” because he took a page from Chef Keynes when he ran large deficits during economic downturns. These budget deficits were George’s economic policy to stave of recessions.


 


Mr. Bush also subscribes to this argument: He believes that reducing unemployment will boost government revenues.

 

Assistant’s Name:  Barak Obama


 


I chose this person to assist “Chef Keynes” because he believes the government should have a hand in helping industries which in turn creates job growth.


 


Barak bailed out the auto industry and presented an $787 billion economic stimulus package with temporary tax cuts and more federal spending.


 


 


The Teams Tools and Ingredients


Make a list of economic tools and ingredients that Chef Keynes and his assistants are likely to use in their “economic kitchen”.  Explain how each tool or ingredient will be used to achieve the smoothest crust on a “business cycle pie”. Add as many rows to the chart as needed.


 


 



Tool/Ingredient

How this tool is used and which assistant would most likely use it.

Taxation

 


 


 

Spending

 


 


 

Deficits

Rather than being terrified of deficits, we must learn to use deficit financing prudently from time to time. When we sell debt domestically, we are financing our deficit by tapping into domestic savings that might otherwise not be invested due to depressed expectations about the economy

 

 


 


 


 


Judges Comments and Scores


Record the scores and judges comments below.  Remember, when acting as Smith or Marx, your scores and comments should reflect their likely assessment of the chefs based on their own ideological perspective toward economics.  Your own score and comments should reflect your assessment the of the approaches to managing economies taken by Keynes and his supporters.


 


 



Judge

Score


(1-5)

Comments

 


Adam Smith

 

 

 


Karl Marx

 

 

 


(Kyle Woo)

 

 


 


 


 


John Maynard Keynes. (n.d.). Retrieved October 22, 2019, from


https://www(dot)conservapedia(dot)com/John_Maynard_Keynes#Keynesian_school_of_economics


 


Crooks, E., (n.d.). Financial Times, man in the news: John Maynard Keynes, Retrieved October 23, 2019, from https://www(dot)ft(dot)com/content/a754a046-9c79-11dd-a42e-000077b07658


 


Chorney, H., (n.d.).The Globe and Mail, Bush’s debt to Keynes, Retrieved October 23, 2019, from https://www(dot)theglobeandmail(dot)com/opinion/bushs-debt-to-keynes/article750834/


 


Cassidy, J., (n.d.).The New Yorker, Obama’s economic record: an assessment, Retrieved October 24, 2019, from https://www(dot)newyorker(dot)com/news/john-cassidy/obamas-economic-record-an-assessment


 


 


Research Paper Sample Content Preview:
Celebrity Economist Cook-Off: Producer’s Sheet
-9842516764000Celebrity Economic Chef: Friedrich Hayek.
Chef Hayek’s commercial kitchen consists of the theory that no centralized planner or government is capable of substantially managing the economy. Hayek believes that the economy should be liberal and free from government intervention (Hayek, 2018). He openly criticized Keynes for his policies of government intervention in the economy. From his ideologies, it is clear that freedom from central planning is key to economic growth. Information or data that may be needed by a central planner to make sound and efficient financial adjustments may not be available. This is because the market produces data that is unique for each individual concerning the resources and conditions surrounding them. In addition, he believed that the Keynesian policies of increasing the money supply to combat unemployment would, on the contrary, cause inflation. In addition, (Laissez-faire) Hayek won the Nobel Prize in 1974 for economics.
Chef Assistants.

Assistant’s Name: Margaret Thatcher
Thatcher, who was the new Conservative Party leader, was a strong liberalist who believed in Hayek’s economic ideologies. Evidently, after meeting Hayek during a policy meeting, she approached him with his book The Constitution of Liberty, and openly declared her belief in the policies (Anirudh, 2018). For this reason, I chose Thatcher to be one of Hayek’s assistants.
Thatcher brought about economic changes in the United Kingdom during her reign as prime minister. She embraced monetarism and focused less on controlling unemployment and more on inflation. Moreover, she brought about the deregulation and privatization of industries in the United Kingdom (Dey, 2019). Hayek would work very well with Thatcher since they were allies who shared similar ideas and wrote to each other frequently where Hayek even sent her a handwritten copy of his book.


Assistant’s Name: Milton Friedman
I chose this person to assist Chef Hayek since both were firm believers of free-market policies. Friedman believed that demand and supply forces in the market were sufficient enough to control economic growth. He opposed the Keynesian economic policies and advocated for increased taxation to reduce inflation that was prominent during the war.
Hayek would agree to work with Milton because he also attended a meeting of the Mont Pelerine Society (Caldwell, 2019). The Society, founded by Hayek, was dedicated to preserving freedom of societies. Other policies proposed by Milton include a balanced budget, school vouchers, flexible exchange rates, the decriminalization of recreational drugs and a monetary growth rule.


Assistant’s Name: Ronald Reagan
I chose this person to assist Chef Hayek since he too believed that capitalism and free markets would save the nation from economic distress. (Amadeo, 2019). Reagan being a president of the United States came up with certain policies guided by Hayek’s ideologies which came in handy in saving the economy. First, he fought for the privatization of the lands in the United States, which were communally owned and produced negative returns.
Secondly, he advocated fo...
Updated on
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:
Order

👀 Other Visitors are Viewing These APA Research Paper Samples: