Academic Literature

Listen to John Maynard Keynes’ voice on High Unemployment

When someone questions the effectiveness of Keynesian economics, the obvious reply is: Remember World War II?

The British economist John Maynard Keynes argued that there is a role for government intervention when aggregate demand for goods and services drops, as it did during the Great Depression. Without increased public spending to make up for decreased private spending, he said, an economy will slide into a vicious circle of low demand and low output, insuring a prolonged period of high unemployment. Government thrift at such times will only deepen the problem. “The boom, not the slump,” said Keynes, “is the right time for austerity.”…

Source: John Maynard Keynes Explains Cure to High Unemployment in His Own Voice. (1939) | Open Culture.

Related Article on JMM:

Keynes’ Economic Possibilities for our Grandchildren

 

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