The American Dream Essay Research Paper What — страница 3

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deficit reduction. This rational expectation approach offers an alternative to the Keynesian approach, but more research in areas such as forecasting and credibilty is needed. New Keynesian models and real business cycle models have evolved from the rational expectaions model.(cite 13) The lack of representation of macroeconomists among Nobel Prize winners since 1987 reflects the disorganized state of macroeconomics. Macroeconomists have focused more on mathematical theories than real world applications, and they have been unable to explain fluctuations in the business cycle.(cite 12)The most popular theory for economic growth seems to be a change in the approach and interpretation of our economy. Th reason for this seems to be the fact that the problem with today’s economy

stems from the economist.(cite ) A common thread unites the research on the politics of macroeconomic policy, policy substitutability, the use of different policy instruments to affect the same goal is implicitly denied. Yet, economic theory indicates that policymakers have multiple policy instruments at their disposal that can be used alternately or in some combination to manipulate their economies.(cite 11) Another problem is that elite economists, including Nobel Prize and John Bates Clark medal winners, have had their papers rejected by journals for reasons ranging from excessive mathematical analysis to using sexist language.(cite 13) Some of the rejected papers have later been hailed as classics and accepted by other journals. We as a society need to give these theories a

better look in hopes of finding a better path to economic growth.Conclusion What is possible today may not be possible tommorrow in our economy because it is forever changing and with that change comes comes unexpected profit and loss that can’t be predicted. The fate of the American economy is virtually impossible to predict but by using past examples we can attempt to find ways to stir up economic growth and find a path to economic stability. (The truth is that in our society we can never really say that you can no longer achieve the American Dream because our economy is forever changing and as long as that holds true their is hope)