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Essay / Research Paper Abstract
A 5 page paper. In 1936, John Maynard Keynes presented to the world a new theory of economics that argued the Classical laissez-faire theories worsened a recession. Keynes argued that governments needed to intervene to stimulate the economy. This paper discusses Keynes theories and how they contradict Classical theories. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: MM12_PGkeynes.rtf
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intervention will only prolong the recession or make it worse. Classical economic theory had held that a free-market economy would inherently self-regulate and self-correct itself always going towards full employment
equilibrium that would then result in the greatest among of benefit for everyone. As for government, the best thing any government could do was to get out of the way
and let the economy do as it (Institute for Economic Analysis, 1999). That was the way of the free market and this allowed individual enterprise to thrive (Institute for Economic
Analysis, 1999). Then, along came Keynes who said the assumptions underlying this theory and practice were all false (Institute for Economic Analysis, 1999). What governments should do is to look
at the countrys economy as a huge business enterprise that needs to be managed well and the basic tool of management in individual business enterprises was the accounting system (Institute
for Economic Analysis, 1999). It is the accounting system that will help the business prosper (Institute for Economic Analysis, 1999). It was in 1936 that John Maynard Keynes presented to
the world a new theory of economics in his book, The General Theory of Employment, Interest, and Money (European Schoolnet, 2001). In this book, Keynes discussed the causes of unemployment
and his theories regarding what governments should and should not do in hard economic times (European Schoolnet, 2001). Keynes argued that governments should not follow the Classical traditions of economists
like Adam Smith; these theories held that in a recession, wages and prices, loans and investments would all decline until full employment was once again restored (European Schoolnet, 2001). The
Classical tradition held that in a recession, the government should not intervene because left to itself, market conditions would change and the economy would correct itself (European Schoolnet, 2001). Keynes
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