This is the glorious scene from 'Ferris Bueller's Day
Off', when the Economics teacher tries to generate some class participation in the lesson on 'The great Depression', only to be met with rows of blank faces;
In 1930, the Republican-controlled House of Representatives, in an effort to alleviate the effects of the...
Anyone? Anyone?... the Great Depression,
The tariff bill?
The Hawley-Smoot Tariff Act?
Raised or lowered?... raised tariffs....
......in an effort to collect more revenue for the federal government.
Did it work?
Anyone know the effects?
It did not work, and the United States sank deeper into the Great Depression.
Today we have a similar debate over this.
Anyone know what this is?
Anyone seen this before?
The Laffer Curve.
Anyone know what this says?
It says that at this point on the revenue curve, you will get exactly the same amount of revenue as at this point. This is very controversial.
Does anyone know what Vice President Bush called this in 1980?
(a don't stop till you drop production)
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