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Economic Strategies to Manage the Crisis: Austerity or Government Investment Programmes?
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Overview
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Background information10 Topics
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Introduction
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Instruments to respond to economic imbalances: fiscal and monetary policies
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How do the two models suggest responding to economic imbalances with the policy instruments?
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Consequences of each economic policy choice
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The Big Depression and the Keynesian model
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The oil crisis and the end of the Welfare State
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The neoliberal model and the 2008 financial crisis
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The conservative response: austerity
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Counter-cyclical response: what government investment could look like
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Glossary
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Introduction
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Endnotes
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Glossary
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References
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Interactive learningDeepen your knowledge1 Topic|1 Quiz
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Training materialExercises for group activities6 Topics
Lesson 7, Topic 3
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Quiz Follow-Up
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Quiz Follow up.
This activity may be used as a follow- up to the quiz activity as an in-class activity or given as homework.
Aims
- To extend the learning from the quiz activity
- To help students to understand how macroeconomic variables operate in the real economy.
Steps:
- During the answers review, the teacher records the correct ones on the board.
- Each quiz group chooses a model and a policy to defend as the best one to solve economic imbalances. Students may be allowed to have the learning material (the table) with them for orientation.
- Invite students to discuss them in their groups, including discussion of assumptions and impacts.
- Invite each group to present their argument to the wider group. Departing from an overview of each model, they should explain how they understand how the fiscal and monetary policies of that model affect the real economy and how each model predicts their impact.