Keynesian economics

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Keynesian economics

(ECONOMICS) an account of the working of macroeconomic systems first propounded by John Maynard KEYNES, in which it is assumed that the economy is not self-managing and that governments must act to avoid prolonged recessions and secure FULL EMPLOYMENT. Directly at odds with much that had been previously assumed (see NEOCLASSICAL ECONOMICS), Keynes proposed government management of the economy – through monetary as well as fiscal policies – in which government expenditure would be increased at times of recession and reduced at times of FULL EMPLOYMENT and INFLATION, thus controlling aggregate demand within the economy. The adoption of Keynesian policies by governments seemed to be successful until the 1960s, when inflation and lack of economic growth began to emerge as a problem. Since then, while Keynesian economics still has many supporters, other macroeconomic theories, notably MONETARISM, have been in the ascendant.
References in periodicals archive ?
Stephen Greenblatt enumerates some of these structures: Shakespeare's Venice exhibits conflicts between the old law and the new law, between justice and mercy, between revenge and love, between thrift and prodigality, between 'Jewish fiscalism and Gentile mercantilism'--in fact, between all the qualities commonly associated with Jew and Gentile.
Into the early Song, the economic role of government was essentially Confucian; state and economy were viewed as symbiotic (a philosophy known as fiscalism), so officials were encouraged to practice wu-wei (no action or laissez-faire) and pacifism (Hu 2006).
47 Modernization of the army and military fiscalism was initiated in South India during the time of Tipu Sultan, who coercively contested the contending claims of sovereignty by the rajas and created a centralized revenue administration, which replaced the tribute system by revenue collection through Amildars (non-local state officials).
Within this we learn of transnational political economy of civil war in Afghanistan, military fiscalism in Sri Lanka, aid and violence in Nepal, rise of jihadi militancy in Pakistan, Armed Forces Special Powers Act in India and economics of military junta in Myanmar.
"The formation of a thriving shadow economy mitigated the effects of [state] fiscalism and protectionism to broaden the market for consumer goods," Kwass claims.
The ten selections that make up the bulk of the text provide an introduction to sovereignty, development, and civil war, and cover the contextualizing of civil wars in South Asia, military fiscalism and the politics of civil war in Sri Lanka, the transnational political economy of the civil war in Afghanistan, and a variety of other related subjects.
However, it may be assumed that the imposition of a more efficient tax and leaving without any changes the remaining elements of the tax system will result in considerable fiscalism (primarily for the owners of residential property).
Below we will present the relationships between the fiscalism level (10) (the relationship between tax revenues from PIT and social insurance contributions to average annual GDP growth rate, calculated in line with purchasing power parity per inhabitant) and the structure of the tax system, and the economic growth rate for 27 EU countries for 1991-2012 (11).
He finds comparisons here, there, and everywhere--some of Grover Cleveland's fiscalism, a little of William Jennings Bryan's populism, a dash of Goldwater's rampant right-wingery.
The role of the state in economies measured by the fiscalism indicator, as well as the scale of regulation and bureaucracy in economy should be reduced.
An Essay on Federal Fiscalism. Journal of Economic Literature, 37 (3), 1120-1149.
The deepening fiscal deficit and the new formula for federal fiscalism, which according to an expert economist "has sown the seeds of fiscal indiscipline", inadvertently, I would add, are sobering.