During a depression or an economic downturn. Indeed, Keynes sustained that during a depression or a recession, consumer demand shrinks to its minimum which in turn cause unemployment as factories close because nobody is buying their products and that creates more unemployment which in turn further decreases consumer demand and the system engages in a vicious cycle that further weakens the economy.
Keynes recommended that the only and best solution was to apply a fiscal policy, on in layman’s terms, government spending in massive infrastructure projects that will stimulate economic activity by boosting employment and demand for products and services, both directly and indirectly. However, Keynes also indicated that a reduction or an expansion of the interest rates was necessary as well, depending in the economic circumstances.
Answer:
Formal schools have existed at least since ancient Greece (see Academy), ancient Rome (see Education in Ancient Rome) ancient India (see Gurukul), and ancient China (see History of education in China). The Byzantine Empire had an established schooling system beginning at the primary level.Credit for our modern version of the school system usually goes to Horace Mann. When he became Secretary of Education in Massachusetts in 1837, he set forth his vision for a system of professional teachers who would teach students an organized curriculum of basic content.
