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1. :
Classical Liberalism
In the seventeenth century, liberalism emerged as the radical philosophy that attacked authoritarianism and paternalism in the political sphere by defending the rights of the individual against the commands of monarchs and other rulers. The seventeenth-century philosopher John Locke questioned claims to political authority based on birth, social status, privilege, and divine right. Political authority either derived from the consent of the governed or else was illegitimate.
Later in the eighteenth century, liberals added the notion of the rule of law, the idea that government in its legislative capacity had to enact general rules that apply to all citizens equally. The substitution of the rule of people for the rule of law created a capricious, uncertain, and sometimes cruel community life. This early variety of liberalism often termed classical liberalismstimulated the development of the social sciences by insisting that what holds society together and promotes an orderly commercial economy is the mutual interplay of the passions and interests of ordinary citizens in the market.
A basic principle of liberal thought is that individuals are the best and most accurate judges of their own interests and can be relied upon to pursue those interests with great dedication and creativity. The mighty arm of the state with its web of regulations and bureaucratic agents often does more harm than good when trying to substitute administrative methods of organization for impersonal market processes that spring out of self-interested individual action.
The philosopher and American revolutionary, Thomas Paine, wrote that society is created by our wants, government by our wickedness.
Classical liberals are not anarchists and at the very least recommend a minimal state: a state that protects lives, defines property rights, and enforces private contracts. A great many classical liberals (such as Adam Smith and the later classical school of economists) went somewhat further and requested that the state build and maintain certain public works (bridges, canals, highways, harbors, recreational parks, and so on), maintain standing armies, provide basic education, promote invention and innovation, and intervene in the market on a limited scale for specific humane purposes such as the enactment and enforcement of child labor laws.
Generally, the classical liberal believes in the general rule of laissez-faire and wants to preserve self-regulating market processes as much as possible. The classical liberal is confident that with the enactment of strict constitutional safeguards and the elimination of monopoly and the never-ending varieties of special-interest legislation, peace and material progress are within the reach of ail societies and all social classes.
The leading works of classical liberalism include Adam Smith's Wealth of Nations (1776), Herbert Spencer's The Man versus the State (1892), Friedrich A. Hayek's Constitution of Liberty (1960), Ludwig von Mises's Liberalism: A Socio-Economic Exposition (1962), and Milton Friedman's Capitalism and Freedom (1962).
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What is Macroeconomics?
The word macroeconomics means economics in the large. The macroeconomist's concerns are with such global questions as total production, total employment, the rate of change of overall prices, the rate of economic growth, and so on. The questions asked by the macroeconomist are in terms of broad aggregates what determines the spending of all consumers as opposed to the microeconomic question of how the spending decisions of individual households are made; what determines the capital spending of all firms combined as opposed to the decision to build a new factory by a single firm; what determines total unemployment in the economy as opposed to why there have been layoffs in a specific industry.
Macroeconomists measure overall economic activity; analyze the determinants of such activity by the use of macroeconomic theory: forecast future economic activity; and attempt to formulate policy responses designed to reconcile forecasts with target values of production, employment, and prices.
An important task of macroeconomics is to develop ways of aggregating the values of the economic activities of individuals and firms into meaningful totals. To this end such concepts as gross domestic product (GDP), national income, personal income, and personal disposable income have been
developed.
Macroeconomic analysis attempts to explain how the magnitudes of the principal macroeconomic variables are determined and how they interact. And through the development of theories of the business cycle and economic growth, macroeconomics helps to explain the dynamics of how these aggregates move over time.
Macroeconomics is concerned with such major policy issues as the attainment and maintenance of full employment and price stability. Considerable effort must first be expended to determine what goals could be achieved. Experience teaches that it would not be possible to eliminate inflation entirely without inducing a major recession combined with high unemployment. Similarly, an overambitious employment target would produce labor shortages and wage inflation.
During the 1960s it was believed that unemployment could be reduced to 4 percent of the labor force without causing inflation. More recent experience suggests that reduction of unemployment to 5.5 percent of the labor force is about as well as we can do.
2. :
1. the commands of monarchs;
2. mutual interplay of the passions and interest;
3. to pursue those interests with great dedication and creativity;
4. the enactment and enforcement of child labour laws;
5. gross domestic product;
6. to induce a major recession;
7. the rate of change of overall prices;
8. special interest legislation;
9. in terms of;
10. divine right.
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4. , . , , : economy, rule, create, mean, short, employ, value, reduce, extend, invent.
5. : , , , , . Generally, the classical liberal believes in the general rule of laissez-faire and wants to preserve self-regulating market processes as much as possible.
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1. In the seventeenth century, liberalism emerged as the radical philosophy that attacked authoritarianism and paternalism in the political sphere by defending the rights of the individual against the commands of monarchs and other rulers.
2. Later in the eighteenth century, liberals added the notion of the rule of law, the idea that government in its legislative capacity had to enact general rules that apply to all citizens equally.
3. The mighty arm of the state with its web of regulations and bureaucratic
agents often does more harm than good when trying to substitute
administrative methods of organization for impersonal market processes
that spring out of self-interested individual action.
4. Generally, the classical liberal believes in the general rule of laissez-faire and wants to preserve self-regulating market processes as much as possible.
5. An important task of macroeconomics is to develop ways of aggregating the values of the economic activities of individuals and firms into meaningful totals.
7. :
1. When did liberalism emerge?
2. What did John Locke question?
3. Who added the notion the rule of law?
4. What stimulated the development of the social sciences?
5. What can be the cause of harm?
6. What is created by our wickedness?
7. What must promote invention and innovation?
8. What are the macroeconomists concerns?
9. What do macroeconomists measure, analyze and forecast?
10. What does macroeconomic analysis attempt to explain?
