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Keynesian economics |
Also found in: Financial, Wikipedia | 0.01 sec. |
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). |
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| As an in-depth scholarly study of the economics and Keynesian theory, The Elegar Companion To Post Keynesian Economics delves extensively into a political and theory-based post-Keynesian economics, including essays, analysis and other contributions from dozens of economic leaders worldwide. New Keynesian theory (Hall 1990, Mankiw and Romer 1991, Bernanke and Carey 1996, and Borda etal 2000) argues that the business cycle is generated by the instability of aggregate demand and supply. For one thing, as Hamilton dreamed, the national debt always reflected the cost of wars and depressions, at least until after World War II, when instead of reducing debt, economists used fiscal policy to pursue dreams that couldn't be fulfilled because of the inherent flaws of Keynesian theory. |
Keynesian theory
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