8c. In one paragraph of 40-60 words summarize the major economic thought of John Maynard Keynes.
8c. In one paragraph of 40-60 words summarize the major economic thought of John Maynard Keynes.
Homework Answers
MAJOR ECONOMIC THOUGHT OF JOHN MEYNARD KEYNES
The thought of John meynard Keynes, came into the picture after the greats depression of 1929. He criticised the classical economist on the basis that change in aggregate demands does not affects the economy.
As classical only talks about the long run he told that in long run we all are dead.
And he presented his view, that in short run change in aggregate demands affects the economy by change in government expenditure and change in taxes.
If the government expenditure increases & as we lowers the taxes this increases the aggregate demand and this will help economy to come out from recession
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8c. In one paragraph of 40-60 words summarize the
major economic thought of John Maynard Keynes.
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