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Keynesian economics |
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Keynesian economics An economic theory of British economist, John Maynard Keynes that active government intervention is necessary to ensure economic growth and stability. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Over time, this view triumphed over the Keynesian notion that fiscal policy--taxing and spending--is government's best tool to manage the economy. The ECB invited Professor Michael Woodford from Columbia University, who made a strong case for the superiority of the New Keynesian models, in which money has no separate role. Unlike, say Lyndon Johnson's masterful handling of the Vietnam War, Jimmy Carter's deft use of Keynesian economics to provide low inflation and economic growth, Bill Clinton's Churchillian handling of Somalia and al Qaeda, Sudan, and Haiti. |
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