Neoclassical economics seems to be under assault. The views of the past that there are limits to what governments can and cannot do are being challenged. No more is this more obvious then when we discuss US politics and in particular, the agenda of progressives as it relates to tax and spends and monetary policy. In this context, please outline how monetary and fiscal policy are used in both the neoclassical theory framework (what was discussed in class) versus the modern monetary theory discussed in later parts of the class. How is fiscal and monetary policy used to arrive at the desired outcomes? Do you think one school of thought is more consistent with efficient markets than the other is? Do you think that one school of thought is more in tune with the concern raised by some commentators that economic efficiency comes at to large of an expense to those that are more marginalized in society? In this light, is the rise of such economic phenomenon as a cryptocurrency for instance the result of such marginalization and the need for there to be a rethink on how we conduct our policy? Please answer these as fully as possible and suggest what you feel is the best approach and what policies should be enacted to achieve more efficient and equitable markets.
I expect you to draw more on course materials introduced in class. I do not expect you to plagiarize all from the web.
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