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JMK Econ

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Chin Ting

on 6 August 2013

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Transcript of JMK Econ

Who is John Maynard Keynes?
John Maynard Keynes and the General Theory
(cc) photo by Metro Centric on Flickr
(cc) photo by jimmyharris on Flickr
(cc) photo by Metro Centric on Flickr
John Maynard Keynes
British economist
Used the Great Depression to prove his theories
Wanted to avoid the "roller coaster ride" of an unregulated market system.
Believed that inflation followed by recession was caused by consumer demand.
Went against Adam Smith's free enterprise system.
Created a revolution in economic thinking
He was the founder of the modern mixed economy
John Maynard Keynes
Keynesian Economic System
Keynes believed that the government is responsible for:

The cycle in the economy of:

Also known as the demand-side economics.

Keynes believed in two major economic policies:

Monetary policies
Fiscal policies
Keynes believed that active government intervention in the economy is the best means of stimulating economic growth and stability.
The stock market crash and the Great Depression inspired Keynes' ideas for a better economic system.
Keynesian economics came to be known as the mixed economy.

This means that it is a blend of command and free enterprise economies.

Believed that in a free enterprise economy, any long term planning was only for the benefit of the businesses and industries.

In order to create a more successful economic system the government should become involved in planning for the entire country.
Factors that influenced Keynes General Theory
Government service

World War 1
By: Group Keynes
> What does this cartoon say about the free enterprise economy?

> How does Keynesian economics differ?
This cartoon shows how the free enterprise economic system consists of "boom" and "bust" periods in a cycle (business cycle). It is also saying that eventually there will be a period of "bust" in the economy that the country will not be able to pull out of. This is caused by the lack of government control in the economy.
Keynesian economics differ from the free enterprise systems because in Keynesian economics the government has a responsibility to control the business cycle. According to Keynes there should be little flux in the economy. The government raises and lowers interest rates and taxes in order to do this.

Ronquillo, Tinaza, Gojo, Tingjuy, Engada
Parents: John Neville Keynes
Florence Ada Keynes
Great Depression
Full transcript