Chapter 14 Outline
III. DIFFERENT VIEWS OF DEFICITS
A. Changing Views of Deficits.
	1. Prior to the 1930s, economists believed that the government's budget should be balanced.
	2. After the 1930s, running deficits during times of recession was viewed as desirable.
	3. In the late 1970s and early 1980s, economists began to question the desirability of running large deficits.

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