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Essay / Research Paper Abstract
This 3-page paper focuses on Keynesian theory and how it relates both to the GDP and fiscal policy. Bibliography lists 2 sources.
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3 pages (~225 words per page)
File: D0_MTgdpkey.rtf
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Unformatted sample text from the term paper:
output of goods and services in a given country (whether those goods or services are sold at some point doesnt enter into the GDP, however - which leads to the
question of surplus goods. But thats for another paper). This paper will attempt to demonstrate the impact on Keynesian theory and views on fiscal policy and the GDP.
Before comparing these topics, however, its first helpful to define what, exactly, Keynesian theory entails. Keynes ideas are basically financially driven - in other
words, as income expands, consumption increases (Gwartney et al, 2003). Given this, the way to stimulate an economy, according to Keynes, is to help create well-paying jobs. If people are
being paid regularly, theyre more likely to spend more money. If they spend more money, output increases (to meet demand). More output means more people needed for jobs. And so
on. But the Keynes model notes something else as well - namely that consumption increases, but by a lesser amount than income, as investment expenditures also increase (Gwartney et al,
2003). In addition, planned net exports decline as consumer income increases as well (Gwartney et al, 2003). This is because, once again, output increases to meet the needs of the
country manufacturing the product - companies in this country have a hard enough time meeting demands of consumers, let alone consumers in other countries. Also, exports are determined by the
amount of income abroad - in other countries, income might not be as plentiful (Gwartney et al, 2003). If we define GDP
as total output, we can then see where Keynes theories fit in with this. According to Keynes, GDP is not necessarily driven by output itself, but rather, by aggregate demand
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