The economy no longer works the way it did during the 19th Century, however. Over the past 100 years, the government's involvement in the economy has expanded so radically that the economic system itself has little left in common with Capitalism - at least, not at the Macro level. Yet Economics continues to be taught as if nothing has changed; and, for the most part, the public continues to believe that our economy is still driven by natural forces as it always was in the past. But that is very far from the truth.
Today, the government manages - or directs - the economy using a variety of policy tools to ensure that Gross Domestic Product continues to expand. The implications of this fact are very far-reaching. It is impossible to understand politics or economics in our era without grasping that the government is managing the economy. Moreover, it is particularly important that investors understand this new reality because government actions now impact the direction of asset prices far more than any other variable.
This Course explains how the economy really works.
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