Paper on Keynesian Economics

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Paper on Keynesian Economics

Understanding Keynesian Economics

The macroeconomic economic theory of total expenditure in the economy and its consequences on production, employment, and inflation is known as Keynesian economics. In an attempt to analyze the Great Depression, British economist John Maynard Keynes created Keynesian economics in the 1930s. Example of Keynesian Economics:

The New Deal

The start of the Great Depression in the 1930s had a considerable impact on Keynes’ economic ideas, and numerous of his programs were widely adopted.

President Franklin D. Roosevelt established the New Deal to handle the crisis in the United States, a set of government initiatives that explicitly represented the Keynesian idea that even a free-enterprise capitalist economy required some governmental monitoring.

Great Recession Spending

President Barack Obama implemented many initiatives in response to the Great Recession of 2007–2009 that followed Keynesian economic philosophy. In various industries, the federal government bailed out debt-ridden businesses.

Fannie Mae and Freddie Mac, the two biggest market makers and guarantors of mortgages and housing loans were also placed under conservatorship.

COVID-19 Stimulus Checks

COVID-19 epidemic in 2020, President Donald Trump and Vice President Joe Biden issued a range of relief, loan forgiveness, and loan extension schemes.

 

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