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Keynesian Economics

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11/28/2014 5:28:13 PM
Posted: 2 years ago
At 11/28/2014 3:21:36 PM, PapaNolan wrote:
I do not understand what Keynesian Economics are, how they work, and what countries have used them. Can somebody explain to me what they are?

"Keynesian Economics" is an economic school of thought that is named after the British economist John Maynard Keynes (pronounced CANES). Keynesian economic doctrines are used to some extent in nearly every major capitalist country in the world. The "mixed economies" of the greatest capitalist nations reflect this.

Keynesian economists believe that changes in aggregate demand (the total demand for products and services at a given time) most influence the total level of goods and services produced in the short term, especially during economic recessions. Keynesian economists usually advocate strong government action in the economy in order to prevent and lessen the effects of recessions, based on the belief that private businesses cannot always make prudent decisions regarding the health of the economy, while maintaining private enterprise.

The Keynesian school of economics stands in opposition to the Austrian school of economics, of which Friedrich Hayek was a proponent.

Keynesianism was famously implemented with the "New Deal" programs that were designed as a reaction to the Great Depression.
You can call me Mark if you like.
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11/28/2014 10:27:58 PM
Posted: 2 years ago
At 11/28/2014 5:46:47 PM, PapaNolan wrote:
Thank you!

No problem, fellow eye in a triangle. Remember to do your own research to supplement my contributions.
You can call me Mark if you like.