
This week we looked at three economic theorists whose ideas have greatly impacted not only U.S. History, but the history of the world. Smith, Marx, and Keynes all thought differently about the role of government in the economy. From Smith's laissez-faire ideas to Marx's communistic values, the world always seemed to have two opposing views at odds with one another. While other economic theorists added to the mix, it wasn't until Keynes comes along that a specific idea about how, when, and to which level a government should interfere in the economy that social welfare programs come to life in the U.S.
These programs form the foundation for many of President Franklin D. Roosevelt's New Deal, wherein he works to improve the quality of life for many Americans who were struggling through the Great Depression. While people continue to argue the extent to which the Great Depression helped, it is clear that some of the ideas behind the programs persist. We continue to set aside money for retirement, like it or not. We continue to benefit from government loans toward purchasing our first homes, and we continue to benefit from public works projects in our everyday infrastructure.
The debate in class pointed to many of the arguments Republicans and Democrats still have today in Congress. Yes, we have a responsibility to pull our own weight, and if people aren't willing to do so, maybe they should fall by the wayside. Yes, we have a responsibility to help one another in times of need, partly because it serves all of our best interests to keep everyone working and producing for our economy. Yes, some people are selfish and unwilling to share what they've worked hard for while others share the burden regardless of the benefit coming to them. All of these are issues we continue to battle about today, but the expectation is that you'll think about theory and what history has taught us as you choose sides or find a middle ground.

