Keynesian


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Keynesian

A scholar or other person who believes that government intervention is necessary to ensure an active and vibrant economy. According to this theory, government should stimulate demand for goods and services in order to encourage economic growth. It thus recommends tax cuts and increased government spending during recessions to reinvigorate growth; likewise, Keynesians recommend tax increases and spending cuts during economic expansion in order to combat inflation. Many economists believe that Keynesian economic theory is more efficient than supply-side economics, though critics point to the theory's inability to explain stagflation in the United States during the 1970s.
References in classic literature ?
His eldest brother was delighted with this proposal, and the two wicked wretches seized Ferko's loaf and ate it all up, while the poor boy was still asleep.
Some time after, three grand embassies came to the old king's court, with rich gifts of gold and precious stones for his youngest son; now all these were sent from the three kings to whom he had lent his sword and loaf of bread, in order to rid them of their enemy and feed their people.
It was a standard loaf, containing eighty per cent of semolina, and it practically wiped the Infant Samuel out of existence.
I know a house near by," said Arthur a Bland, "and, had I but the money, I would bring ye that ye speak of; to wit, a sweet loaf of bread, a fair cheese, and a skin of brown ale.
But then, Joe was not in love, had none of the responsibilities of love, and he could afford to loaf through the land of nothing-to-do.
It was some time before the perfect loaf appeared, for bread-making is an art not easily learned, and Aunt Plenty was very thorough in her teaching; so Rose studied yeast first, and through various stages of cake and biscuit came at last to the crowning glory of the "handsome, wholesome loaf.
Then she put the loaf in the pan and set it in the oven.
I had first, however, provided for my sustenance for that day by a loaf of coarse bread, which I purloined, and a cup with which I could drink more conveniently than from my hand of the pure water which flowed by my retreat.
Mr Tappertit looked immensely big at a quartern loaf on the table, and breathed hard.
Never mind; send some bread--only a loaf of bread and a cup of water.
The cottage loaf and the pennyworth of milk had been set forth on a sheet of paper on the window-seat.
A loathing of food that she was not conscious of until they expended their last penny in the purchase of another loaf, prevented her partaking even of this poor repast.