Keynes

Speech parts

1. Keynes - Noun

2. Keynes - Proper noun

Meaning

English economist who advocated the use of government monetary and fiscal policy to maintain full employment without inflation (1883-1946)

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Keynes was no revolutionary, but his ideas revolutionized 20th-century economics. Samuel Bowles

Thanks to the work of John Maynard Keynes and of Milton Friedman, we now have a better understanding of how governments can (at least in principle) reduce the severity of major economic downturns. Keynesian economics taught us that government spending can raise GDP and reduce unemployment. Martin Feldstein

There was nothing in these views to repel a student; or to make Keynes attractive. Keynes had nothing to offer those of us who had sat at the feet of Simons, Mints, Knight, and Viner. Milton Friedman

In effect, Japan in the Nineties offered a fresh opportunity to test the views of Friedman and Keynes regarding the effectiveness of monetary policy in depression conditions. And the results clearly supported Keynes's pessimism rather than Friedman's optimism. Paul Krugman

A criticism of Keynes and Hayek would have to begin by pointing out the fact that in their theoretical systems there is no place for the uncertainty factor and anticipations. Gunnar Myrdal

Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand. Paul Ormerod

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