The Fall and Rise of Keynesian Economics
The Fall and Rise of Keynesian Economics
This chapter provides a background to John Maynard Keynes and his influence on the theory and practice of modern macroeconomics. His branch of economics is referred to as Keynesian economics. Keynes was an international figure renowned for his General Theory of Employment, Interest and Money, which appeared in February 1936. In the General Theory, Keynes implies that current economic policies were misguided and some of the most basic understandings of how market economies worked were fatally flawed. The chapter concludes with an analysis of the events that lead to the fall and return of Keynesian economics.
Keywords: John Maynard Keynes, macroeconomics, Keynesian economics, General Theory, money, economic policies, market economies
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