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 periodicals archive ?
Is there any economic significance of the active role of the government in the economy during a time of departure from the Washington Consensus and the instauration of a new Keynesianism following the demise of the old methodology of state interventionism?
I say to you in conclusion, throw away your Keynesianism in its entirety, not merely the left wing variety thereof.
We stress this recent form as 'overt' because, as writers such as Wilson and Turnbull (2000) and Crouch (2008; 2009) have recorded, neo-liberal governments in Australia and the UK have long been using a covert, or 'secret', form of privatised Keynesianism.
Cord looks at the early Keynesian push, not the settling into normal science or the near demise of an already fragmented Keynesianism following the Chicago counter-revolution.
In contrast to Keynesianism, Say's Law, properly understood, tells economists (and citizens) to reject the contradictory claim that a contracting economy reflects an overexpanding economy, that somehow poverty is caused by prosperity, and it recommends the rejection or removal of any policies that impede or depress the incentive or capacity of entrepreneurs to create wealth or employ other factors of production.
To make our case, this essay centers on a key moment in the ongoing debate over Keynesianism and neoliberalism--the creation and passage of the Emergency Economic Stabilization Act of 2008 (EESA).
We shouldn't have been surprised to see the corpse of John Maynard Keynes exhumed, and the pop culture zombie fad of the moment may explain the seeming acceptance of the zombie-like economy that revived Keynesianism has delivered.
The Party of Military Keynesianism (Republicans) and the Party of Domestic Keynesianism (Democrats) are anxious to avoid the sequestration cuts they already voted for.
McCann equates its publication with the arrival of Keynesianism (pp.
Bryan Evans and John Shields review the rise and fall of Keynesianism in Ontario over the entire period.
It's a pity that European politicians are trying to forbid Keynesianism in Europe.
But Keynesianism claims that saving is a drag on the economy, rather than the necessary precursor to investment, and that credit expansion solves all of our economic problems.