Good morning scholars. Thank you to the students who were able to attend the in-class session. Here is a summary of the lecture: We are currently experiencing an economic downturn. Within our lives we've seen another contraction in 2007-2008, with earlier contractions in 1988 and of course during the period we are currently studying: The Great Depression. Classical economics calls this the contraction side of a Kuznets cycle. However, classical economics says these cycles are caused by variations in the supply TRENDS of labor and other resources; variations in productivity TRENDS relating to efficiency with which those supplies are used; and variations in the average intensity with which resources get used-- in other words variations in rates of unemployment. (Economics, Samuelson, McGraw-Hill, 1967. P. 244) The Samuelson text goes on to say that fiscal policy can provide relief for these conditions. As you progress in your education you'll hear this called Keynesian Econ...