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 ?
Whereas the Great Depression of the 1930s produced Keynesian economics, and the stagflation of the 1970s produced Milton Friedman's monetarism, the Great Recession has produced no similar intellectual shift.
You write: "That is, in my view, there are the fiscal Keynesians, and the monetarist Keynesians.
Mainstream economics became Keynesian from the late 1930s through the 1970s.
Besides the outsized role Phillips' research played in the creation of a Keynesian economic model that survived John Maynard Keynes' death, the man's biography is a whale of a story, which Harford succinctly captures.
The Keynesians provide good recession/depression recommendations.
It is not surprising if there is a hot debate about austerity policies in many European countries because most policymakers are Keynesians, and this tradeoff is quite embarrassing for them.
And what I know is the classical theory of the cycle which, because of Keynesian macroeconomics, has almost entirely vanished from public discourse and policy consideration.
Ever since early Keynesians prescribed fiscal stimulus for a recession, others have objected because of concerns about its impact on the national debt.
One key factor precipitating the recent revival of Keynes was the awarding of a Nobel prize to Keynesian Paul Krugman in fall 2008, during the worst weeks of the crisis, when the $700 billion bank bailout (TARP) was debated and enacted.
There are criticisms of The General Theory in many of his works, including Monetary Nationalism and International Stability (1937), (4) "Profit, Interest and Investment" (1939), (5) The Pure Theory of Capital (1941), (6) "The Campaign against Keynesian Inflation" (1974), The Fatal Conceit (1988) and many other articles.