Can you discuss the three major economic theories (laissez-faire, Keynesian economics, monetarism) that have influenced the economic policy-making process in the US? How do Congress, the President and the Federal Reserve Board make economic policy?

Generally, Congress, the president, and the Federal Reserve base their economic policies on a combination of ideals and realpolitik. George W. Bush and Donald Trump each held laissez-faire ideals. They believed the market should be left alone. Yet both presidents ended up facing realities that compelled their administrations to intervene in the economy and adopt a kind of Keynesian economics.

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Laissez-faire economics, Keynesian economics and monetarism are all economic theories that envision very different visions as to how government should interact with a national economy.

The oldest of these three theories is laissez-faire capitalists, which preached government non-intervention within the economy, and ultimately can be traced back into the early history of the Industrial Revolution and the Industrial Age. Laissez-faire economists view market forces as the primary drivers of economic growth and view government interventions as constraints. Thus, laissez-faire capitalists seek economic deregulation as a manner of policy and would minimize as much as possible the government's role within the economy.

Keynesian economics, on the other hand, emerged in the context of the Great Depression, and advocated for a very different vision of economic policy. These ideas were reflected in FDR's New Deal, which saw an extraordinary range and intensity of government spending and government programs, aimed at stimulating the economy and getting people back to work. This history illustrates one of the most famous ideas to come out of Keynesian economics: its support and defense of deficit spending as a tool to combat recession.

Finally, for monetarists, it is the money supply that is understood as the key driver of the economy. Monetarism was the last of these three theories to emerge in the economic discourse, coming into the forefront amid the high inflation rates of the 1970's, with its adherents recommending that government act to fight inflation. This view proved influential at the time. For monetarists, therefore, the government's primary role in a national economy lies in its maintenance of a monetary policy, and its control and regulation of the money supply. (For more information on monetarism, see the provided reference link to the international monetary fund. This same webpage was consulted and utilized in the preparation of this answer.)

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In general, Congress, the president, and the Federal Reserve tend to create economic policy through a mixture of their own ideals and realpolitik.

You could say the Great Depression compelled then president Franklin D. Roosevelt and Congress to embrace robust Keynesian economics. The branches worked together to pass a set of laws in which the government would forcefully intervene in the economy. They created jobs programs, established unemployment benefits, and imposed restrictions on banks.

Herbert Hoover, the president before Roosevelt, was a conservative. Yet he, too, tried to combat the ills of the Great Depression with Keynesian economics. Federal spending rose almost 50 percent during Hoover’s time in office. However, it appears as if Hoover’s conservative ideals obstructed him from embracing Keynesian economics as vigorously as Roosevelt.

You might also think about how all three recent presidents have embraced a form of Keynesian economics.

For most of his presidency, George W. Bush embraced laissez-faire economics. He pushed policies that let Wall Street and the market operate with little restrictions. However, when big banks and financial institutions began failing in 2008, Bush pivoted to Keynesian economics. Bush’s government intervened in the economy with billions of dollars.

When Barack Obama became president in 2009, he immediately espoused Keynesian economics with a stimulus package of around $800 billion. Yet some economists argued that Obama’s government should have spent more money, like a trillion dollars.

Recently, president Donald Trump, who holds aggressively laissez-faire policies, pivoted to Keynesian economics. He and Congress passed a $2.2 trillion relief bill to try and offset the financial hardships caused by COVID-19.

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Two of the three theories that you mention here are closely connected and could be used in conjunction with one another.  The third is very much opposed to the other two.

Laissez-faire capitalism and monetarism are compatible with one another.  The idea of laissez-faire holds that the government should not interfere in the economy.  In this view, Congress and the president would have a very minor role in economic policy.  The government would mostly stay out of the way of the economy and let it regulate itself.  This would, proponents believe, allow the economy to achieve maximum efficiency and productivity.  Monetarism could act as a complement to this.  Monetarism holds that the government should simply increase the supply of money by a predetermined amount each year.  This would allow for predictable economic growth.  In this view, the Fed would be in charge of increasing the money supply each year, but it would not really play much of a policy-making role.  Instead, it would simply carry out a pre-made policy.  Thus, these theories go well together because they both want to do away with discretionary government intervention in the economy.

Conversely, Keynesianism calls for the government to be much more involved in the economy.  In this view, the government has to use the levers of fiscal policy to adjust the economy.  Here, Congress, the president, and the Fed are very important.  To Keynesians, the government needs to use fiscal and monetary policy to affect aggregate demand.  When the economy is in a recession, the government (Congress and the president) should increase spending and reduce taxes.  If there is excessive inflation, the government should reduce spending and, perhaps, increase taxes.  When the economy is in a recession, the Fed should loosen its monetary policy, doing such things as lowering interest rates.  All of these government actions would put more money into the hands of consumers. This would inspire them to buy more, thus raising aggregate demand and improving the state of the economy.  In this view, the government is playing a large role in determining how the economy is doing and in adjusting policy to keep the economy stable and growing.

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