Economic articles are usually written with basis on economic theories, most of which are usually unarticulated or completely explained or defined by the authors of the articles.
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However, with respect to the newspaper articles presented in this paper, it is evident that some news articles are based on sound economic theories which are accepted by economists the world over for their relevance to current economic conditions.
This paper will focus on the Keynesian theory of economics, and in doing so, the paper will discuss the propositions put formwar by five articles and how these propositions relate to the Keynesian theory of economics.
The article, “The State of Economics” (Lucas), is an article that discusses the turmoil between economists of the current age in trying to reconcile economic principles with both the classical and Keynesian economic theories of the past decade. The article assumes that the depression occasioned in the past few years could have been prevented with the correct application of the relevant economic theories in the world economic scene.
The article also disproves the actions of some economists in using the theory of Keynes and neglecting other economic theories like those of Minsky and Smith. From analyzing this article, it can be said that the author is conversant with the economic theories, so the points put forward in the article are well articulated and presented.
Conversely, the article “Keynes: The Sunny Economist” (Nasar), is an article that discusses the contributions of the Keynesian theory and how the theory could be applied to current economic turmoil. The first reaction after reading the article is that the author just read the theory and does not bother to compare and contrast the theories with other economic theories.
This conclusion is arrived at after reading the article and discovering that the author proposes complete acceptance of the theory as the solution to current economic problems. The author cites problems like unemployment, lack of liquidity, market turmoil and proposes that the Keynesian theory of economics should be applied to solve these problems with the world economy.
The other article that is used in this analysis is the article “Economics: What Went Wrong with Economics”, that appeared in the Economist in 2009. After reading the article, the first consensus is that the author does not understand the basis of economics. Though the article brings out the general points concerning financial economics and macroeconomics, the points that are used to contrast the two disciplines border on the uneducated.
The article seems to have been written without an underlying understanding of the principles of economics, therefore, the author tries to contrast points that are not well understood. The author contrasts unrelated points of financial economics and macroeconomics; points that are unrelated and cannot be contrasted. For example, the author contrasts macroeconomic task of inflation with the financial economics task of market efficiency.
The article “The Unkindest Cuts” that also appeared in the print version of the economist discusses government debt and the relation to the Keynesian and classical theories of economics. The article assumes that Keynesian economic principles can be used to tame the economy during recessions.
The article is credible because the points presented are based on sound economic theories, and are related to the economic theories discussed in class. From an analysis of the article, it is evident that the author understands the theories of economic factors.
This conclusion is arrived at after considering the points that are proposed by the author, points tat discuss the credit history of the government and how this credit can be controlled. The underlying assumption behind this article is that Keynesian theories of economics are the key to understanding the inflation and credit success of any economy.
The last article, “Fixing Europe’s Single Currency,” also from the print version of the economist, discusses the debt-crisis facing European countries and how this debt crisis can be resolved. The article is also well articulated because it brings out the main points concerned with the debt policies of a country in relation to Keynesian theories of government economics.
The article assumes that the Keynesian theory of a fixed exchange-rate system can be used to solve the burden of trade imbalances. The main theory underlying this assumption is a viable economic theory, a theory that is applicable to both classic and neo-classical theories of economics.
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These articles were selected because of their focus on the Keynesian theory of economics, though some of the articles do not present the true nature of the economists. After an analysis, of the articles, the main conclusion is that the article depend on the Keynesian theories; theories that are opposed to the classical theories of economics.
The focuses of the articles are unemployment, labor, and government economic forces, all of which are addressed by the articles discussed in this paper. After the analysis, it can be concluded that some articles that are concerned with economic interpretations do not rely on the correct theories required of them. This means that some authors just rely on theories that are not completely articulated or explained in their articles.
Lucas, Robert. The State of Economics. The Economist, 2009. Web.
Nasar, Sylvia. Keynes: The Sunny Economist. New York Times, 2011. Web.
The Economist. Economics: What Went Wrong with Economics. The Economist, 2009. Web.
The Economist. Fixing Europe’s Single Currency. The Economist, 2010. Web.
The Economist. The Unkindest Cuts. The Economist, 2010. Web.