Explain how elite democrats and popular democrats differ in their understanding of economic policy.Who should control or monitor the economy? How should inequalities be redressed?

Elite democrats and popular democrats differ in their understanding of economic policy in several key ways. Elite democrats, who are typically more aligned with the party establishment and have significant influence and resources, tend to prioritize policies that support economic growth and stability, often through measures such as free trade agreements, corporate tax cuts, and deregulation. They may also be more inclined to support the interests of big business and financial institutions.

On the other hand, popular democrats, who are more closely aligned with the grassroots and working-class voters, tend to prioritize policies that address income inequality, support workers' rights, and provide social safety nets. They are more likely to advocate for higher taxes on the wealthy, increased regulation of corporations, and measures to support small businesses and workers.

In terms of who should control or monitor the economy, elite democrats may be more inclined to trust in the expertise of financial and corporate leaders, as well as government institutions such as the Federal Reserve. They may prioritize policies that give more autonomy to the private sector and rely on market forces to drive economic growth.

Popular democrats, on the other hand, may advocate for more government intervention and regulation to ensure that the economy works in the interest of the majority, rather than just the wealthy and powerful. They may support measures to increase the minimum wage, strengthen labor unions, and provide more government oversight of corporate practices.

When it comes to addressing inequalities, elite democrats may focus on policies that promote economic growth as a means of addressing inequality, such as investing in education and job training programs. They may also support targeted social welfare programs to help those in need.

Popular democrats, on the other hand, may advocate for more direct measures to redress inequalities, such as raising the minimum wage, implementing progressive taxation, and expanding access to healthcare and education. They may also prioritize policies that address systemic issues such as racial and gender disparities in the economy.

Overall, the differences between elite and popular democrats in their understanding of economic policy reflect broader divisions within the Democratic Party between those who prioritize economic growth and stability and those who prioritize economic justice and equality. The question of who should control or monitor the economy and how inequalities should be redressed is a central point of contention within the party, and the outcome of this debate will have significant implications for the future of economic policy in the United States.