John Maynard Keynes and His Contribution to Economics and America
With the recent recession John Maynard Keynes and his theories are being debated by millions of Americans, though likely without their knowledge, as his theories have become integral to America’s economic policy. A search of “John Maynard Keynes” on Google news, limited to just the past week, yields more than 200 results, illustrating the scope of Keynes’ continued influence. Fueled by concerns over unemployment and inflation the debate rages over government’s role in the economy, including regulation of industry, tax rates, and government spending to stimulate the economy. What people are really arguing over are the merits of supply-side economic versus demand-side. Keynes or “Keynesian economics is based on the notion …show more content…
In 1938 Roosevelt fortified the New Deal, a comprehensive series of social and economic programs with distinctly Keynesian ideals. Though government spending had been bolstered throughout the implementation years of the New Deal, it was not until the end of the 1930’s that FDR stated so in such Keynesian terms.
Keynes monumental contribution to American Economic Policy during this era has continued to influence the economy today, and as a