Economics on the United States History Test in Ten Minutes

The video explores two major economic philosophies in the U.S.: laissez-faire and Keynesian economics. Laissez-faire promotes minimal government intervention, allowing supply and demand to dictate the market, historically leading to rapid industrialization but also social issues. Trickle-down economics, a form of laissez-faire, suggests aiding the wealthy to stimulate economic growth. In contrast, Keynesian economics advocates for government intervention and deficit spending to stimulate the economy, as seen in FDR's New Deal and Obama's policies. The video highlights the ongoing debate between these philosophies in American politics.

What is Keynesian economics and how does it differ from laissez-faire economics?

Describe the impact of FDR's policies during the Great Depression.

What are the arguments for and against government intervention in the economy?