3. During the great depression from 1929 to 1933, two different strategies were

Question

3. During the great depression from 1929 to 1933, two different strategies were applied by the US government when facing the shrinking aggregate demand At the very beginning President Hoover followed the policy of new liberalism and decided to do nothing, waiting for the recession to recover by itself. Realizing that "in the long run we are all dead", President Roosevelt changed the strategy according to Keynesian view and largely increased the government purchase, which eventually helped the US to recover from the disaster. According to the material, compare the difference between the two strategies using the ADAS model.

Explanation / Answer

AD AS Model

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