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This term is new to me. I looked it up but would like some input on what it means.
Is it same as/different from Austrian economics?
Thanks.
Refers to economics as stated by the late Lord Maynard Keynes. He was British.
Keynsian generally refers to the government stimulating a moribund economy by spending lots of money in order to spur demand. Keynsian is in vogue right now for obvious reasons.
Keynsian generally refers to the government stimulating a moribund economy by spending lots of money in order to spur demand. Keynsian is in vogue right now for obvious reasons.
As I understand it, Keynsian theory also calls for Government frugality and paying down the deficits - even buiding surpluses - during the boom times. Funny how the politicians never follow that second part, so we never really know if the theory as a whole is viable.
This term is new to me. I looked it up but would like some input on what it means.
Is it same as/different from Austrian economics?
Thanks.
Very different from Austrian economics, but it's a subject that would take multiple economics courses for you to get your arms around. Certainly not something that most people on CD are conversant in.
Keynes is best know work is The General Theory of Employment, Interest and Money. Much of his work on monetary theory was later proved naive, but his basic theory is that the government should actively use fiscal and monetary policy to smooth the business cycle. The government "stimulating" the economy with spending is a classic Keynesian approach.
As I understand it, Keynsian theory also calls for Government frugality and paying down the deficits - even buiding surpluses - during the boom times. Funny how the politicians never follow that second part, so we never really know if the theory as a whole is viable.
Don't you mean modern republicans don't believe in paying down the debt?
John Maynard Keynes was a British homosexual, a Fabian socialist, and member of the Bloomsbury group in the 1930's.
He's bad for us, that's what you need to know.
You mentioned the Austrian school of economics, that is the right way.
Well yes sir, we will take your word for it because of the knowledge your post expresses.
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