Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Define the various types of time lags associated with fiscal policy implementation, including
recognition lag, administrative lag, and operational lag
- Discuss how political motivation can drive elected officials to use incorrect fiscal policy
- Analyze the phenomena known as "crowding out" and "crowding in"
- Investigate how budget deficits and budget surpluses can reduce the effectiveness of fiscal
policy through "crowding out" and "crowding in"
- Analyze the "net export effect" and explain how the use of fiscal policy inadvertently makes
exported and imported goods and services more or less expensive
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