History of Economic Thought Question What were John Maynard Keynes then unorthodox economic views. List them.

History of Economic Thought Question

What were John Maynard Keynes then unorthodox economic views. List them.

Expert Solution

John Maynard Keynes was an economist as well as great economic thinker who put forward the idea of Keynesian economics. This Keynesian economics helps in a lot during this authoring of the significant work, The General Theory of Employment, Interest and Money. This book was written at the time of huge unemployment in US, which means unemployment percentage became around 25% and at the same time in other countries, the same was 33%, at the time of Great Depression.

Keynesian economics was formed at the time of Great Depression in 1930's. Basically, Keynesian economics deals with a theory of economics of the whole expending with n the economic field and the impact of the same on the result as well as inflation. As per Keynesian economics, to protect an economy from recession requires either borrowing finance from the Government or rising the demand. This view of John Maynard Keynes is in variance with the laissez-faire which holds together intervention of Government.

According to him, Government should come forward for funding the economy. His views and thoughts as mentioned pave the way for a great revolution in economic thoughts.

Rahul Sunny answered 6 months ago

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