John Maynard Keynes
Notes:
- British economist
- Governments should spend their way out of Depression
- Borrow money to be repaid after economy recovers
- Deficit financing
- Projects should be of value to the country
- Went against Adam Smith’s theories
- USA, Japan and Hitler’s Germany all use this with success.
SUMMARY :
John Keynes was a british economist. He had an idea of spending your way out of depression.
Quotes:
The difficulty lies not so much in developing new ideas as in escaping from old ones.
Subjunctive questions:
Had Keynes never had this theory would have germany had such power during WWII?