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by: jaxxgrace

notes ECON 201


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Principles of Economics: Microeconomics
Bruce Brunton
Class Notes
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This 3 page Class Notes was uploaded by jaxxgrace on Wednesday April 27, 2016. The Class Notes belongs to ECON 201 at James Madison University taught by Bruce Brunton in Summer 2015. Since its upload, it has received 8 views. For similar materials see Principles of Economics: Microeconomics in Business at James Madison University.


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Date Created: 04/27/16
History 225 LECTURE Notes Capitalism Triumphant, Capitalism in Crisis Reaction in National Politics  Republican Ascendancy -Tendency to nominate people who come out of the business world  Success in business prepares you to be an elected official  Harding -Businessmen running the government  Harding and Coolidge Retreat from Activist Presidency o Roosevelt and Wilson saw presidency superior to congress o Harding saw president has political agenda congress implements  Nominated chiefly for loyalty to republicans and charisma o Coolidge  Least president the country ever had  Herbert Hoover  Progressive era, progressive in the tradition of Theodore Roosevelt or Wilson Herbert Hoover inherits the Great Depression 3 Republican Presidents:  Hoover o Activist progressive o Private business advocate and government cooperation for common good o Secretary of Commerce  Coolidge o Aloof loner  Harding o Schmoozer, socialite Business Triumphant -Base of New Era Prosperity  Herbert Hoover and the Associational Deal How can government help manage the economy?  Department of Commerce o Looks to American trade associations as model  Reactive rather than Activist  Consequences o Lobbying; organization designed to influence public policy o Political alienation o Enhancement of private power o Not a new form of democracy o Weakens people’s identification with political parties o Don’t care who’s in power  Just want to be able to influence o Weakens localism o Lobby on behalf national industrial interests o Lobbyists organize power of industry o Weakens disorganized link from government to politics o Shows how important organization in government is to influence  Consumer Society and Mass Advertising o Consumption becomes economic indicator of prosperity o Dedication to implementation on things to influence Americans to spend their money (unlike producing things for export like 19 th century) o US economy becomes consumer oriented (consumer society) o Advertising becomes very important  Ads influence consumption Beneath Prosperity: Sources of the Impending Crisis  Sick industries o Older industries; coal railroads textiles agriculture  Over capitalized and losing market share  High tariffs (harmed by)  Coal: shrinking demand  Cotton: shrinking demand; meager profit margins  Railroads: over capitalization  Agriculture: over capacity, over production; most damage, collapsing prices  Farming was too efficient  Worldwide o Cooperate Consolidation  Business merges  By end of 1920 corporations controlled American Industry  Merges pushed by commerce department to create more efficiency o Business alignment that is unable to react creatively when depression hits o Consolidates power in handful of small few of companies  Misdistribution of Wealth and Income  Income equality  Top .1% of American Families in 1929 aggregate income of bottom 42%  71% incomes under $2,500 o richest families 11million  problem because wages of ordinary people are not expanding rapidly enough to buy everything American industry produces  Durable goods degrease buying


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