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	Keynesian economics - dKosopedia
		Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s.
		Instead of the economic process being based on continuous "supply side" improvements in potential output, as most classical economics had focused on from the late 1700s, Keynes asserted the importance of the aggregate demand for goods as the driving factor, especially in downturns.
		It was with John Hicks that Keynesian economics produced a clear model which policy-makers could use to attempt to understand and control economic activity.
	www.dkosopedia.com /wiki/Keynsian_Economics (3845 words)

	New Keynesian Economics, by N. Gregory Mankiw: The Concise Encyclopedia of Economics: Library of Economics and Liberty
		New Keynesian economics is the school of thought in modern macroeconomics that evolved from the ideas of John Maynard Keynes.
		Persistent unemployment is a puzzle for economic theory.
		N. Gregory Mankiw is a professor of economics at Harvard University.
	www.econlib.org /library/Enc/NewKeynesianEconomics.html (2096 words)

	The Keynesian Revolution
		The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.
		Too large a proportion of recent "mathematical" economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.
		Economic downturns were caused -- according to the Keynesians -- by deficiencies of aggregate demand.
	distance-ed.bcc.ctc.edu /econ100/ksttext/keynes/keynes.htm (6008 words)

	Keynesian Economics, by Alan S. Blinder: The Concise Encyclopedia of Economics: Library of Economics and Liberty
		Keynesian economics is a theory of total spending in the economy (called aggregate demand) and of its effects on output and inflation.
		Keynesians' belief in aggressive government action to stabilize the economy is based on value judgments and on the beliefs that (a) macroeconomic fluctuations significantly reduce economic well-being, (b) the government is knowledgeable and capable enough to improve upon the free market, and (c) unemployment is a more important problem than inflation.
		The main reason appears to be that Keynesian economics was better able to explain the economic events of the seventies and eighties than its principal intellectual competitor, new classical economics.
	www.econlib.org /library/Enc/KeynesianEconomics.html (2440 words)

	Keynsian Economics
		In Keynesian economics, these three factors, the marginal propensity to consume, autonomous and unstable investment, and liquidity traps, have serious implications for the economy.
		Savings are the wrench thrown in the gears of the Keynesian economic machine.[xviii] In Keynes words “the more virtuous we are, the more determinedly thrifty … the more our incomes will have to fall.[xix] Government, Keynes argues, must engage in massive spending programs to boost incomes and expenditures back to the full employment level.
		Government public works programs to stimulate demand will not generate economic activity multiple times greater than the initial expenditures because the newly employed workers will recognize the transitory nature of their new income and save most of it.
	www.evangelsociety.org /sherk/keynespf.html (7327 words)

	Christianity and Economics
		The field of Economics is perhaps one of the least understood disciplines as it relates to Christianity.
		The Evangel Society seeks to explain economic issues and relate them to Christian principles to provide a clear Christian perspective on current economic issues ranging from tax cuts and the deficit to loans and Christian ideas on borrowing.
		Keynsian ideas are still relevent today as many in the Federal Reserve, and even Allen Greenspan, operate with assumptions rooted in this debunked system.
	www.evangelsociety.org /politics/economics.html (599 words)

	New Keynesian economics - Wikipedia, the free encyclopedia
		The main assumption of New Keynesian economics that distinguishes it from the new classical economics is that wages and prices do not adjust instantly to allow the economy to attain full employment.
		New Keynesianism, associated with Gregory Mankiw, once chair of the Council of Economic Advisors under President George W. Bush, is a response to the Robert Lucas and the new classical school.
		That school criticized the inconsistencies of the neo-classical school in light of the concept of "rational expectations." The new classicals combined a unique market-clearing equilibrium (at full employment) with rational expectations.
	en.wikipedia.org /wiki/New_Keynesian_economics (583 words)

	Keynesian economics - Wikipedia, the free encyclopedia
		Keynesian economics differs markedly from laissez-faire economics (economic theory based on the belief that markets and the private sector operate well on their own, without state intervention).
		This conclusion conflicts with the tenets of classical economics, and those schools, such as supply-side economics or the Austrian School, which assume a general tendency towards a welcome equilibrium in a restrained money-creating economy.
		Henry Hazlitt - The Failure Of The "New Economics".
	en.wikipedia.org /wiki/Keynesian_economics (4292 words)

	The Keynesian Revolution
		(Axel Leijonhufvud, On Keynesian Economics and the Economics of Keynes, 1968: p.35)
		As we know, there has been a lot of extension, a vast amount of extension; what I am saying is that it has never quite got to the point....I must say that that diagram [IS-LM] is now much less popular with me than I think it still is with many other people.
		It reduces the General Theory to equilibrium economics; it is not really in time.
	cepa.newschool.edu /het/essays/keynes/keynesrev.htm (393 words)

	The General Theory of Employment, Interest and Money by John Maynard Keynes (Site not responding. Last check: 2007-10-13)
		Source: The General Theory of Employment, Interest and Money by John Maynard Keynes, Fellow of the King's College, Cambridge, published by Harcourt, Brace and Company, and printed in the U.S.A. by the Polygraphic Company of America, New York;
		“Our criticism of the accepted classical theory of economics has consisted not so much in finding logical flaws in its analysis as in pointing out that its tacit assumptions are seldom or never satisfied, with the result that it cannot solve the economic problems of the actual world.” [Chapter 24]
		Chapter 2: The Postulates of the Classical Economics
	www.marxists.org /reference/subject/economics/keynes/general-theory (307 words)

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