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.
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References in periodicals archive ?
In presenting the views of monetarists and fiscalists, and weighing the pros and cons of various policy-related issues, the book will prove to be quite helpful for the policymakers of the former Eastern Bloc countries who are looking toward the West for help to lay down the strong foundations of a market-based economy.
Meek on the rehabilitation of Steuart further enhances our understanding of how this precursor of Smith in fact seemed to more accurately anticipate the twentieth century world of Keynes, Lerner, and other fiscalists. An original contribution by Sir Alan Peacock on David Hume, while relatively short, nevertheless allows us to glimpse the reason why this friend of Smith's has been an inspiration to many generations of economists.