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Article: Keynesianism
- Article from:
- Dictionary of American History
- Author:
CopyrightCOPYRIGHT 2003 The Gale Group Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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KEYNESIANISM
KEYNESIANISM
is a term that identifies both a school of economic theory and a distinctive approach to public policy. Regarding theory, it can be said that the English economist John Maynard Keynes (1883
–
1946) invented modern macroeconomics with the publication in 1936 of his masterwork
The General Theory of Employment, Interest, and Money.
That book shifted the focus of attention from the microeconomic actions of individuals and firms to the overall behavior of a capitalist economy.
Keynes argued that, contrary to the conventional wisdom embodied in Say's Law, the capitalist economy did not contain a self-correcting or homeostatic mechanism that would necessarily ...
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