John Maynard Keynes
Notes:
-Keynes was a British economist
-governments should spend their way out of depression- Deficit spending
-deficit financing- what its called
-projects should be of value to the country
-went against Adam Smith's theories- to have an equal budget- no debt
-USA, Japan and Hitler's Germany all use this with success
-the projects should benefit the country and are needed.
-governments should spend their way out of depression- Deficit spending
-deficit financing- what its called
-projects should be of value to the country
-went against Adam Smith's theories- to have an equal budget- no debt
-USA, Japan and Hitler's Germany all use this with success
-the projects should benefit the country and are needed.
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Summary
John Maynard Keynes was a British economist who had theories on how governments should spend their way out of a recession so that they can quickly recover. They could do this by making projects that had value to the country and that would reduce jobs.
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Political Cartoon
Quote
"The difficulty lies not so much in developing new ideas, but from escaping from old ones"- John Keynes
Subjunctive Question
Would the recession of continued for a longer period of time if Roosevelt hadn't use Keynes theories on economics?