1951, during the korean conflict, president truman also faced anoer battle, between the Federal Reserve and the treasu over financing the war. How would it be resolved . 1965, Lyndon Johnsons administration was spending on both a war and a greasociety without raising taxes. The fed was left to fight the resulting inflation alone. The nations central bank, originally created to protect the Banking System against panics acquired more powe to affect the economy than even it imagined at theutset. The federal serve does money matter . With the help of economic analyst richard gill well explore that question on economics usa. Im david schoumacher. Coins, billschecksour basic moy supply. The amount of money and where it goes wiin the bankingysm has en the main concern of our nations central bank. At t feds heauaers re in washington, dc closedeliberatioare held by experts who continuously monitor our nancial health and prescribe medies. How did these experts prescribe a remedy that plunged us
Was told to spend 2 billion combating brownlung disease. By 1980, the Supreme Court was asked to choose between saving lives or jobs and profits. How much is a life worth . Wilderness or minerals . Guns or butter . Jobs or safety . We always face choices. Resources and scarcity. Whats economics all about . With the help of economic analyst richard gill well examine that question on economics usa. Im david schoumacher. Whats economics all about . There have always been theoretical answers to that question but reality complicates the most elegant theories. Economics usa is about theory and reality in 20thcentury amica, and how people and events have shaped economic decisions that affect our lives. Those decisions usually involve tradeoffs. In 1980, congress designated over 100 million acres of alaskan land as National Parks and wilderness areas. Why did Congress Make that decision . How much did it cost the nation . In 1867, when the United States purchased the territory of alaska from r
How could a minimill hope to compete . Baseball. For millions, a pastime. For a few, a paycheck. Why was this mans paycheck half a Million Dollars a year . A visit to a modern Shopping Center yields a bewildering display of goods and services, the products of a free market. Whos to say this is what we want or what we need . Markets do they meet our needs . Economic analyst richard gill will help us examine that question on economics usa. Im david schoumacher. The American Economy the sum total of what goes on in shopping malls, car dealers, supermarkets stock exchanges, 7elevens, and gas stations all around the country. Millions of buyandsell decisions everday, trillions of dollars worth every year. And those decisions affect every part of our lives. Who decides between a room with a view and a house in the suburbs . In our demand and supply economy who demands and who supplies . 1945. World war ii was over. Millions of exgis came home fell in love, got married, and started families. A
Out of the crash John Maynard Keynes provides a new theory of the Business Cycle. What was his revolutionary idea . Boom and bust who can explain the Business Cycle . With the help of richard gill, well explore that question on this edition of economics usa. Im david schoumacher. Boom or bust . Why is the economy so unstable . Factories sit idle or stagger along because nobody has any money to spend. Workers sit home without any money to spend hoping the economy gets better so they can work again. Its a pattern that repeats itself over and over again. Few people worried about trying to explain economic fluctuations during the 19th century. Americans were too busy building railroads expanding commerce overseas, or creating new industry. The years after the civil war saw a continuing expansion of the American Economy. Although this prosperity was interrupted by periodic slumps few people seemed to worry. Didnt the economy always bounce back . On the eve of world war i, economists had no
Can we calculate a nations economic wellbeing by adding up those individual measurements . Can we compare National Figures over time to determine if our economy is making progress . U. S. Economic growth what is the Gross National product . With economic analyst richard gill well explore that question on this edition of economics usa. Im David Schoumacher. These computer tapes at the bureau of Economic Analysis in washington document 50 years of americas Economic Growth. They provide access to the Accounting System known as gnp. When the United States faced its worst economic crisis, the Great Depression no such measuring tool existed until this report went to the senate. Copies of National Income, 19291932 are scarce today but back in 1934 it was very popular. 4,500 copies were sold in 8 months. The report was made by a team from the department of commerce when Congress Demanded more information. What was the Great Depression costing the American Economy . Led in part by the Auto Indu