Nowadays, most economists believe that "if left alone by government, markets quickly self-adjust." This theory is based on the Say's Law, who claims that "supply creates its own demand." However, others support Keynesian theory claiming that proper government policy could correct the problems more quickly in the short run. "In the long run, we are all dead."

In your groups, please read the following articles (the links will open in new window):

https://www.weforum.org/agenda/2016/02/does-keynes-s-theory-still-hold-up

https://www.econlib.org/library/Topics/HighSchool/MarketFailures.html

https://www.econlib.org/library/Columns/y2013/CardenHorwitzmarkets.html

In your groups, discuss the following questions on the discussion board:

List the key arguments for each side of the hands -off versus hands - on debate.

Which political party in your country supports a hands-on approach by government?

From your own current experience and economic understanding, which side of the macroeconomic debate do you tend to support? Explain your answers by providing real-life examples. What might make you change your mind.