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Essay / Research Paper Abstract
This 5 page report discusses the economic theories of British economist John Maynard Keynes (1883-1946). The ways in which employment and unemployment are perceived in the economic context was of particular importance to him and played a key role in his advocacy of government spending. Bibliography lists 6 sources.
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5 pages (~225 words per page)
File: D0_BWjmkeyn.rtf
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because the validity of the economic model used in decision-making remains unsure. Keynes always stressed the importance of "vigilant observation" for the development of genuinely meaningful economic theory. Without
it, any economic premise is little more than conjecture. According to Skidelsky (1992), Keynes was convinced that the successful construction of economic theory was nothing more than a stylized
representation of the dominant tendencies of the time, derived from reflection on the notable facts (pp. 221). Radical Suggestions from "Vigilant Observations" One of the most notable facts for
Keynes was the phenomenon of employment and unemployment how both are perceived. He attempted to explain the various characteristics associated with employment and how they related to prolonged economic depression
in The General Theory of Employment, Interest, and Money (1936). In it, he made the radical suggestion that there was no such thing as a self-correcting factor in a recession
as had been the generally-accepted economic wisdom of the time. He put forth the idea that the process of hoarding money, saving against times getting even worse, actually contributed to
economic stagnation. In times of stagnation, the only thing that will break the cycle is the development of new technologies, new markets, and host of other issues that have nothing
to do with individual savings rates. The most radical thing Keynes proposed and which has served as a hallmark of Western capitalist economies for the past half century has been
his assertion that the only thing that could adequately compensate for a lack of meaningful business investment during a recession is increased government spending. Davidson (2000) explains that according to
Keynes Chapter 17 in The General Theory of Employment, Interest, and Money it is the breakdown of the "essential properties of interest and money" that, according to Davidson serves
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