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bonufazy [111]
3 years ago
12

In a short paragraph, describe John Maynard Keynes's major economic philosophies and how his beliefs differed from economic theo

ries that were popular during the early years of the Great Depression.
History
1 answer:
Archy [21]3 years ago
8 0

John Maynard Keynes proposed that increasing government expenditures and lowering taxes would stimulate demand and pull the economy out of a state of depression. His approach sought to generate demand by having the government intervene to "jump start" economic activity. This differed from all the "belt-tightening" and restrictive approaches that others advocated. President Roosevelt's New Deal program sought to put Keynesian economic theory into practice.

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The main aim was to keep power balanced. The Constitution also established the 'Checks and Balances' system, through which each of the powers can check on the others and prevent that they exceed their functions. None of the three powers could gather such a large amount of power to rule over the others, without being punished.

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