John Maynard Keynes (1 Jan 1883 Jahr – 1 Jan 1946 Jahr)

Beschreibung:

- British Economist
- "Father of macroeconomics"
- Replaced classical economics and Say's Law
- Wrote The General Theory of Employment, Interest, and Money
- Argued that full employment is a special case in the economy
- Said that wages are 'sticky' and cannot fall easily
- Falling wages would lead to less money and an overall decrease in demand
- 'Sticky' wages leads to 'sticky' prices
- Economic system will never go to full employment by itself
- Keynes used the idea of the multiplier
- Government intervention is necessary for the form of government spendings
- Advocated for "countercyclical" government policies
- Governments should run a budget deficit during low economic activity and tax during high economic activity
- Governments have a key role in managing total demand ("aggregate demand")
- Would help the economy get out of low output and unemployement
- Completely dismissed the laissez-faire

Zugefügt zum Band der Zeit:

Datum: