John Maynard Keynes
• British economist
• Governments should spend their way out of Depression
• His idea was to borrow money to be repaid after economy recovers (ex: Deficit financing)
• Projects should be of value to the country
• Went against Adam Smith's theories (don't spend money you don't have)
• USA, Japan and Hitler
• Germany all uses this with success.
• Governments should spend their way out of Depression
• His idea was to borrow money to be repaid after economy recovers (ex: Deficit financing)
• Projects should be of value to the country
• Went against Adam Smith's theories (don't spend money you don't have)
• USA, Japan and Hitler
• Germany all uses this with success.
"The biggest problem is not to let people accept new ideas, but to let them forget the old ones."
-John Keynes
-John Keynes
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SUMMARY
John Maynard Keynes was a British economist, who believed that the Government should spend their way out of the Great Depression. Projects that would be of value to the country. His theory brought huge success to Germany and Japan.