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Keynesian economics |
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Keynesian economicsThe economic theory of English economist John Maynard Keynes, which argues that a fall in national income, lack of demand for goods, and rising unemployment should be countered by increased government expenditure to stimulate the economy. It is opposed by monetarists (see monetarism). How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Over time, this view triumphed over the Keynesian notion that fiscal policy--taxing and spending--is government's best tool to manage the economy. The ECB invited Professor Michael Woodford from Columbia University, who made a strong case for the superiority of the New Keynesian models, in which money has no separate role. Unlike, say Lyndon Johnson's masterful handling of the Vietnam War, Jimmy Carter's deft use of Keynesian economics to provide low inflation and economic growth, Bill Clinton's Churchillian handling of Somalia and al Qaeda, Sudan, and Haiti. |
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