SlideShare a Scribd company logo
How Was the Keynesian School Valid, Useful, or Correct in Its Time?
Solution
Keynes made his mark in history—as Marx made his. But while Marx wanted to destroy
capitalism, Keynes wanted merely to reform it. Both wanted to enlist, and really to unleash, the
power of the state, although where Marx spoke of "the liquidation of the capitalists" Keynes
spoke of the "liquidation of the rentiers" (Peterson 1959). Marx wanted total socialism, actually
communism, or, as he himself called it, "scientific socialism." Keynes wanted some
"socialization of demand," and "a somewhat comprehensive socialization of investment."
Clearly, Keynes was no friend of laissez faire capitalism
Eventually, Keynes presented a whole new set of ideas in his General Theory (Keynes 1936).
There he claimed that capitalism tends to run an equilibrium "between workers and the economy
at less than full employment." Underconsumption, he said, stems in great measure from a mal-
distribution of income. Saving and investment are non-related, and saving amounts to hoarding
and is, in effect, anti-social.
Three issues in his work that remain controversial are worthy of comment: inflation,
macroeconomics, and Keynesian treatment of thestate

More Related Content

More from AMITPANCHAL154

I am looking for the definition of a polynomial.SolutionPolyno.pdf
I am looking for the definition of a polynomial.SolutionPolyno.pdfI am looking for the definition of a polynomial.SolutionPolyno.pdf
I am looking for the definition of a polynomial.SolutionPolyno.pdf
AMITPANCHAL154
 
I am looking at the following equation and its a little unclear what.pdf
I am looking at the following equation and its a little unclear what.pdfI am looking at the following equation and its a little unclear what.pdf
I am looking at the following equation and its a little unclear what.pdf
AMITPANCHAL154
 
I am looking at a worked out problem for Elementary Number Theory(6t.pdf
I am looking at a worked out problem for Elementary Number Theory(6t.pdfI am looking at a worked out problem for Elementary Number Theory(6t.pdf
I am looking at a worked out problem for Elementary Number Theory(6t.pdf
AMITPANCHAL154
 
I am kind of confused about quantifiers. I am not sure how to transl.pdf
I am kind of confused about quantifiers. I am not sure how to transl.pdfI am kind of confused about quantifiers. I am not sure how to transl.pdf
I am kind of confused about quantifiers. I am not sure how to transl.pdf
AMITPANCHAL154
 
I am having problems with Comments in Solutions from Homework He.pdf
I am having problems with Comments in Solutions from Homework He.pdfI am having problems with Comments in Solutions from Homework He.pdf
I am having problems with Comments in Solutions from Homework He.pdf
AMITPANCHAL154
 
I am fine with the actual analysis of the data on SPSS, however I am.pdf
I am fine with the actual analysis of the data on SPSS, however I am.pdfI am fine with the actual analysis of the data on SPSS, however I am.pdf
I am fine with the actual analysis of the data on SPSS, however I am.pdf
AMITPANCHAL154
 
I am a very wordy person. My editor is constantly cutting down the a.pdf
I am a very wordy person. My editor is constantly cutting down the a.pdfI am a very wordy person. My editor is constantly cutting down the a.pdf
I am a very wordy person. My editor is constantly cutting down the a.pdf
AMITPANCHAL154
 
Hypothesis flash patterns of the Humboldt squid increase in rate wh.pdf
Hypothesis flash patterns of the Humboldt squid increase in rate wh.pdfHypothesis flash patterns of the Humboldt squid increase in rate wh.pdf
Hypothesis flash patterns of the Humboldt squid increase in rate wh.pdf
AMITPANCHAL154
 
hurricane risk.global warming risk.speculative risk.climate ch.pdf
hurricane risk.global warming risk.speculative risk.climate ch.pdfhurricane risk.global warming risk.speculative risk.climate ch.pdf
hurricane risk.global warming risk.speculative risk.climate ch.pdf
AMITPANCHAL154
 
Human Resources (HR) is composed of many integrated activities withi.pdf
Human Resources (HR) is composed of many integrated activities withi.pdfHuman Resources (HR) is composed of many integrated activities withi.pdf
Human Resources (HR) is composed of many integrated activities withi.pdf
AMITPANCHAL154
 
Howard Company purchased merchandise inventory with an invoice price.pdf
Howard Company purchased merchandise inventory with an invoice price.pdfHoward Company purchased merchandise inventory with an invoice price.pdf
Howard Company purchased merchandise inventory with an invoice price.pdf
AMITPANCHAL154
 
How would you prepared 250ml of 0.35 M sodium sulfate solution .pdf
How would you prepared 250ml of 0.35 M sodium sulfate solution .pdfHow would you prepared 250ml of 0.35 M sodium sulfate solution .pdf
How would you prepared 250ml of 0.35 M sodium sulfate solution .pdf
AMITPANCHAL154
 
How will your team engage the ideas and participation of each member.pdf
How will your team engage the ideas and participation of each member.pdfHow will your team engage the ideas and participation of each member.pdf
How will your team engage the ideas and participation of each member.pdf
AMITPANCHAL154
 
How will understanding Crystalline Structure affect material selecti.pdf
How will understanding Crystalline Structure affect material selecti.pdfHow will understanding Crystalline Structure affect material selecti.pdf
How will understanding Crystalline Structure affect material selecti.pdf
AMITPANCHAL154
 
How would an indirect transfer through a financial intermediary bene.pdf
How would an indirect transfer through a financial intermediary bene.pdfHow would an indirect transfer through a financial intermediary bene.pdf
How would an indirect transfer through a financial intermediary bene.pdf
AMITPANCHAL154
 
How would entitlement spending be funded if tax revenues just cove.pdf
How would entitlement spending be funded if tax revenues just cove.pdfHow would entitlement spending be funded if tax revenues just cove.pdf
How would entitlement spending be funded if tax revenues just cove.pdf
AMITPANCHAL154
 
How would I define column D as d1=log(c1) in excel Or column F as.pdf
How would I define column D as d1=log(c1) in excel Or column F as.pdfHow would I define column D as d1=log(c1) in excel Or column F as.pdf
How would I define column D as d1=log(c1) in excel Or column F as.pdf
AMITPANCHAL154
 
How will widespread adoption of electronic funds transfer affect the.pdf
How will widespread adoption of electronic funds transfer affect the.pdfHow will widespread adoption of electronic funds transfer affect the.pdf
How will widespread adoption of electronic funds transfer affect the.pdf
AMITPANCHAL154
 
How would I know if a radical expression can be simplified Can I al.pdf
How would I know if a radical expression can be simplified Can I al.pdfHow would I know if a radical expression can be simplified Can I al.pdf
How would I know if a radical expression can be simplified Can I al.pdf
AMITPANCHAL154
 
How would I show that every nonzero integer is a factor ofitself.pdf
How would I show that every nonzero integer is a factor ofitself.pdfHow would I show that every nonzero integer is a factor ofitself.pdf
How would I show that every nonzero integer is a factor ofitself.pdf
AMITPANCHAL154
 

More from AMITPANCHAL154 (20)

I am looking for the definition of a polynomial.SolutionPolyno.pdf
I am looking for the definition of a polynomial.SolutionPolyno.pdfI am looking for the definition of a polynomial.SolutionPolyno.pdf
I am looking for the definition of a polynomial.SolutionPolyno.pdf
 
I am looking at the following equation and its a little unclear what.pdf
I am looking at the following equation and its a little unclear what.pdfI am looking at the following equation and its a little unclear what.pdf
I am looking at the following equation and its a little unclear what.pdf
 
I am looking at a worked out problem for Elementary Number Theory(6t.pdf
I am looking at a worked out problem for Elementary Number Theory(6t.pdfI am looking at a worked out problem for Elementary Number Theory(6t.pdf
I am looking at a worked out problem for Elementary Number Theory(6t.pdf
 
I am kind of confused about quantifiers. I am not sure how to transl.pdf
I am kind of confused about quantifiers. I am not sure how to transl.pdfI am kind of confused about quantifiers. I am not sure how to transl.pdf
I am kind of confused about quantifiers. I am not sure how to transl.pdf
 
I am having problems with Comments in Solutions from Homework He.pdf
I am having problems with Comments in Solutions from Homework He.pdfI am having problems with Comments in Solutions from Homework He.pdf
I am having problems with Comments in Solutions from Homework He.pdf
 
I am fine with the actual analysis of the data on SPSS, however I am.pdf
I am fine with the actual analysis of the data on SPSS, however I am.pdfI am fine with the actual analysis of the data on SPSS, however I am.pdf
I am fine with the actual analysis of the data on SPSS, however I am.pdf
 
I am a very wordy person. My editor is constantly cutting down the a.pdf
I am a very wordy person. My editor is constantly cutting down the a.pdfI am a very wordy person. My editor is constantly cutting down the a.pdf
I am a very wordy person. My editor is constantly cutting down the a.pdf
 
Hypothesis flash patterns of the Humboldt squid increase in rate wh.pdf
Hypothesis flash patterns of the Humboldt squid increase in rate wh.pdfHypothesis flash patterns of the Humboldt squid increase in rate wh.pdf
Hypothesis flash patterns of the Humboldt squid increase in rate wh.pdf
 
hurricane risk.global warming risk.speculative risk.climate ch.pdf
hurricane risk.global warming risk.speculative risk.climate ch.pdfhurricane risk.global warming risk.speculative risk.climate ch.pdf
hurricane risk.global warming risk.speculative risk.climate ch.pdf
 
Human Resources (HR) is composed of many integrated activities withi.pdf
Human Resources (HR) is composed of many integrated activities withi.pdfHuman Resources (HR) is composed of many integrated activities withi.pdf
Human Resources (HR) is composed of many integrated activities withi.pdf
 
Howard Company purchased merchandise inventory with an invoice price.pdf
Howard Company purchased merchandise inventory with an invoice price.pdfHoward Company purchased merchandise inventory with an invoice price.pdf
Howard Company purchased merchandise inventory with an invoice price.pdf
 
How would you prepared 250ml of 0.35 M sodium sulfate solution .pdf
How would you prepared 250ml of 0.35 M sodium sulfate solution .pdfHow would you prepared 250ml of 0.35 M sodium sulfate solution .pdf
How would you prepared 250ml of 0.35 M sodium sulfate solution .pdf
 
How will your team engage the ideas and participation of each member.pdf
How will your team engage the ideas and participation of each member.pdfHow will your team engage the ideas and participation of each member.pdf
How will your team engage the ideas and participation of each member.pdf
 
How will understanding Crystalline Structure affect material selecti.pdf
How will understanding Crystalline Structure affect material selecti.pdfHow will understanding Crystalline Structure affect material selecti.pdf
How will understanding Crystalline Structure affect material selecti.pdf
 
How would an indirect transfer through a financial intermediary bene.pdf
How would an indirect transfer through a financial intermediary bene.pdfHow would an indirect transfer through a financial intermediary bene.pdf
How would an indirect transfer through a financial intermediary bene.pdf
 
How would entitlement spending be funded if tax revenues just cove.pdf
How would entitlement spending be funded if tax revenues just cove.pdfHow would entitlement spending be funded if tax revenues just cove.pdf
How would entitlement spending be funded if tax revenues just cove.pdf
 
How would I define column D as d1=log(c1) in excel Or column F as.pdf
How would I define column D as d1=log(c1) in excel Or column F as.pdfHow would I define column D as d1=log(c1) in excel Or column F as.pdf
How would I define column D as d1=log(c1) in excel Or column F as.pdf
 
How will widespread adoption of electronic funds transfer affect the.pdf
How will widespread adoption of electronic funds transfer affect the.pdfHow will widespread adoption of electronic funds transfer affect the.pdf
How will widespread adoption of electronic funds transfer affect the.pdf
 
How would I know if a radical expression can be simplified Can I al.pdf
How would I know if a radical expression can be simplified Can I al.pdfHow would I know if a radical expression can be simplified Can I al.pdf
How would I know if a radical expression can be simplified Can I al.pdf
 
How would I show that every nonzero integer is a factor ofitself.pdf
How would I show that every nonzero integer is a factor ofitself.pdfHow would I show that every nonzero integer is a factor ofitself.pdf
How would I show that every nonzero integer is a factor ofitself.pdf
 

Recently uploaded

Sha'Carri Richardson Presentation 202345
Sha'Carri Richardson Presentation 202345Sha'Carri Richardson Presentation 202345
Sha'Carri Richardson Presentation 202345
beazzy04
 
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdfUnit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Thiyagu K
 
Guidance_and_Counselling.pdf B.Ed. 4th Semester
Guidance_and_Counselling.pdf B.Ed. 4th SemesterGuidance_and_Counselling.pdf B.Ed. 4th Semester
Guidance_and_Counselling.pdf B.Ed. 4th Semester
Atul Kumar Singh
 
2024.06.01 Introducing a competency framework for languag learning materials ...
2024.06.01 Introducing a competency framework for languag learning materials ...2024.06.01 Introducing a competency framework for languag learning materials ...
2024.06.01 Introducing a competency framework for languag learning materials ...
Sandy Millin
 
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
siemaillard
 
Digital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and ResearchDigital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and Research
Vikramjit Singh
 
Honest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptxHonest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptx
timhan337
 
The approach at University of Liverpool.pptx
The approach at University of Liverpool.pptxThe approach at University of Liverpool.pptx
The approach at University of Liverpool.pptx
Jisc
 
Home assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdfHome assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdf
Tamralipta Mahavidyalaya
 
Acetabularia Information For Class 9 .docx
Acetabularia Information For Class 9  .docxAcetabularia Information For Class 9  .docx
Acetabularia Information For Class 9 .docx
vaibhavrinwa19
 
A Strategic Approach: GenAI in Education
A Strategic Approach: GenAI in EducationA Strategic Approach: GenAI in Education
A Strategic Approach: GenAI in Education
Peter Windle
 
Palestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptxPalestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptx
RaedMohamed3
 
The French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free downloadThe French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free download
Vivekanand Anglo Vedic Academy
 
The Challenger.pdf DNHS Official Publication
The Challenger.pdf DNHS Official PublicationThe Challenger.pdf DNHS Official Publication
The Challenger.pdf DNHS Official Publication
Delapenabediema
 
Embracing GenAI - A Strategic Imperative
Embracing GenAI - A Strategic ImperativeEmbracing GenAI - A Strategic Imperative
Embracing GenAI - A Strategic Imperative
Peter Windle
 
Unit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdfUnit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
Thiyagu K
 
Introduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp NetworkIntroduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp Network
TechSoup
 
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
Levi Shapiro
 
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXXPhrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
MIRIAMSALINAS13
 
Thesis Statement for students diagnonsed withADHD.ppt
Thesis Statement for students diagnonsed withADHD.pptThesis Statement for students diagnonsed withADHD.ppt
Thesis Statement for students diagnonsed withADHD.ppt
EverAndrsGuerraGuerr
 

Recently uploaded (20)

Sha'Carri Richardson Presentation 202345
Sha'Carri Richardson Presentation 202345Sha'Carri Richardson Presentation 202345
Sha'Carri Richardson Presentation 202345
 
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdfUnit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdf
 
Guidance_and_Counselling.pdf B.Ed. 4th Semester
Guidance_and_Counselling.pdf B.Ed. 4th SemesterGuidance_and_Counselling.pdf B.Ed. 4th Semester
Guidance_and_Counselling.pdf B.Ed. 4th Semester
 
2024.06.01 Introducing a competency framework for languag learning materials ...
2024.06.01 Introducing a competency framework for languag learning materials ...2024.06.01 Introducing a competency framework for languag learning materials ...
2024.06.01 Introducing a competency framework for languag learning materials ...
 
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
 
Digital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and ResearchDigital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and Research
 
Honest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptxHonest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptx
 
The approach at University of Liverpool.pptx
The approach at University of Liverpool.pptxThe approach at University of Liverpool.pptx
The approach at University of Liverpool.pptx
 
Home assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdfHome assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdf
 
Acetabularia Information For Class 9 .docx
Acetabularia Information For Class 9  .docxAcetabularia Information For Class 9  .docx
Acetabularia Information For Class 9 .docx
 
A Strategic Approach: GenAI in Education
A Strategic Approach: GenAI in EducationA Strategic Approach: GenAI in Education
A Strategic Approach: GenAI in Education
 
Palestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptxPalestine last event orientationfvgnh .pptx
Palestine last event orientationfvgnh .pptx
 
The French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free downloadThe French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free download
 
The Challenger.pdf DNHS Official Publication
The Challenger.pdf DNHS Official PublicationThe Challenger.pdf DNHS Official Publication
The Challenger.pdf DNHS Official Publication
 
Embracing GenAI - A Strategic Imperative
Embracing GenAI - A Strategic ImperativeEmbracing GenAI - A Strategic Imperative
Embracing GenAI - A Strategic Imperative
 
Unit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdfUnit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
 
Introduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp NetworkIntroduction to AI for Nonprofits with Tapp Network
Introduction to AI for Nonprofits with Tapp Network
 
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
 
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXXPhrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
Phrasal Verbs.XXXXXXXXXXXXXXXXXXXXXXXXXX
 
Thesis Statement for students diagnonsed withADHD.ppt
Thesis Statement for students diagnonsed withADHD.pptThesis Statement for students diagnonsed withADHD.ppt
Thesis Statement for students diagnonsed withADHD.ppt
 

How Was the Keynesian School Valid, Useful, or Correct in Its Time.pdf

  • 1. How Was the Keynesian School Valid, Useful, or Correct in Its Time? Solution Keynes made his mark in history—as Marx made his. But while Marx wanted to destroy capitalism, Keynes wanted merely to reform it. Both wanted to enlist, and really to unleash, the power of the state, although where Marx spoke of "the liquidation of the capitalists" Keynes spoke of the "liquidation of the rentiers" (Peterson 1959). Marx wanted total socialism, actually communism, or, as he himself called it, "scientific socialism." Keynes wanted some "socialization of demand," and "a somewhat comprehensive socialization of investment." Clearly, Keynes was no friend of laissez faire capitalism Eventually, Keynes presented a whole new set of ideas in his General Theory (Keynes 1936). There he claimed that capitalism tends to run an equilibrium "between workers and the economy at less than full employment." Underconsumption, he said, stems in great measure from a mal- distribution of income. Saving and investment are non-related, and saving amounts to hoarding and is, in effect, anti-social. Three issues in his work that remain controversial are worthy of comment: inflation, macroeconomics, and Keynesian treatment of thestate