IN CONTEXT
The macroeconomy
John Maynard Keynes (1883–1946)
1931 British economist Richard Kahn sets out an explicit theory to explain the multiplying effects of government spending suggested by John Maynard Keynes.
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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