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Can the Government Run the Economy?

Economics · Big Business · Captions

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About This Video

With the smartest experts and the best economists, could the federal government run the U.S. economy? Could it keep America's $17 trillion economy going like a well-oiled machine? Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, explains why no one person or group can "run" the economy, and why any attempt to do so can only make things worse.

This video is part of the Robert W. Plaster Foundation Playlist: Free Enterprise Will Set You Free.

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Standards Met in Ohio

  • 9-12.CWI.22Grades 9th, 10th, 11th, 12thThe global economy creates interdependence so that economic circumstances in one country impact events in other countries.
  • 9-12.EFL.4Grades 9th, 10th, 11th, 12thDifferent economic systems (traditional, market, command, and mixed) utilize different methods to allocate limited resources.
  • 9-12.EFL.7Grades 9th, 10th, 11th, 12thA nation's overall level of economic well-being is determined by the interaction of spending and production decisions made by all households, firms, government agencies and others in the economy. Economic well-being can be assessed by analyzing economic indicators gathered by the government.
  • AMG.9-12.20.lp.aGrades 9th, 10th, 11th, 12thIdentify the fiscal tools the federal government can use to influence the economy, including tax rates, spending, and regulation.
  • AMH.9-12.19.bGrades 9th, 10th, 11th, 12thDescribe life during the Great Depression.
  • AMH.9-12.19.lp.aGrades 9th, 10th, 11th, 12thUnderstand that during the Great Depression the role of the federal government expanded in an effort to create jobs (e.g., government hired workers for construction projects) and regulate the economy (e.g., Federal Deposit Insurance Corporation FDIC).
  • AMH.9-12.19.lp.cGrades 9th, 10th, 11th, 12thIdentify the Great Depression as an economic crisis resulting from the lack of regulation of the economy by the federal government.
  • CWI.9-12.19.lp.aGrades 9th, 10th, 11th, 12thIdentify areas of the world (by location) where there might be economic advantage or disadvantage based on the global economy
  • CWI.9-12.22Grades 9th, 10th, 11th, 12thThe global economy creates interdependence so that economic circumstances in one country impact events in other countries.
  • EFL.9-12.4Grades 9th, 10th, 11th, 12thDifferent economic systems (e.g., traditional, market, command, mixed) use different methods to allocate limited resources.
  • EFL.9-12.4.aGrades 9th, 10th, 11th, 12thCompare and contrast the different economic systems (e.g., traditional, market, command, mixed).
  • EFL.9-12.4.bGrades 9th, 10th, 11th, 12thIdentify the different economic systems (e.g., traditional, market, command, mixed).
  • EFL.9-12.4.cGrades 9th, 10th, 11th, 12thIdentify an economic system.
  • EFL.9-12.4.lp.bGrades 9th, 10th, 11th, 12thUnderstand that a mixed market includes elements of a market system and command economic system.
  • EFL.9-12.4.lp.dGrades 9th, 10th, 11th, 12thUnderstand that a market economic system uses individual choices of buyers and sellers to distribute resources through supply and demand.
  • EFL.9-12.7Grades 9th, 10th, 11th, 12thA nation’s overall level of economic well-being is determined by the interaction of spending and production decisions made by all households, firms, government agencies, and others in the economy. Economic well-being can be assessed by analyzing economic indicators gathered by the government.
  • EFL.9-12.7.aGrades 9th, 10th, 11th, 12thSummarize how various economic factors influence a nation’s economy.
  • EFL.9-12.7.bGrades 9th, 10th, 11th, 12thIdentify economic factors that influence a nation’s economy.
  • EFL.9-12.7.cGrades 9th, 10th, 11th, 12thIdentify an economic factor that influences a nation’s economy.
  • MWH.9-12.25Grades 9th, 10th, 11th, 12thEmerging economic powers and improvements in technology have created a more interdependent global economy.
  • MWH.9-12.25aGrades 9th, 10th, 11th, 12thExplain how an emerging economic power or an improvement in technology has created a more interdependent global economy.
  • SS.7.19.lp.dGrades 7thIdentify an example of a business economic decision.