December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
The macroeconomy
KEY THINKER
John Maynard Keynes (1883–1946)
BEFORE
1931 British economist Richard Kahn sets out an explicit theory to explain the multiplying effects of government spending suggested by John Maynard Keynes.
AFTER
1971 Polish economist Michal Kalecki further develops the notion of the multiplier.
1974 US economist Robert Barro revives the idea of “Ricardian equivalence” (that people alter their behavior to adjust to government budget shifts). This implies there are no multiplier effects from government spending.
Macroeconomics seeks to explain the working of entire economies. In 1758, the French economist François Quesnay ...
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