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 ?
The intellectual battle now under way between the Keynesians and the Bocconi boys is fundamental not just to economics, but also to basic issues in social and political organisation.
Such current event applications would tend to further strengthen the Keynesian ideas and concepts in the mind of the Keynesian economist.
The simultaneous occurrence of high inflation and high unemployment was said to be in conflict with Keynesian theories, while the Chicago School theory of Milton Friedman was said to provide an explanation for the unexpected phenomena.
In Keynesian terminology, this is translated as an exogenous increase in the consumption function (or a corresponding decrease in the saving function).
Keynesian macroeconomics uses two tools to eliminate unemployment.
Krugman is a New Keynesian, and his essay was intended to show that the Great Recession vindicated standard New Keynesian models.
The 'Keynesian critique' developed in the book endorses German rather than French thinking on the enlightenment (that is, highlighting 'groundedness', downplaying abstraction) and thereby provides methodological guides for post-Keynesianism's emphases on economic dynamics.
In the long run, however, it is the Keynesian Revolution that is dead.
I spy a bit of a problem for you, since you are not a member of the Austrian school, but, rather, a different type of, wait for it: Keynesian! That is, in my view, there are the fiscal Keynesians, and the monetarist Keynesians.
What is out of the ordinary is that Salameh's stimulus packages that have helped the economy inch forward are Keynesian at heart.
Keynesian economics had failed to overcome or even prevent capitalist business cycles in the US.
With his paper, Phillips managed to return a raison d'etre to Keynesian economics that it had been lacking in the postwar years.