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Keynesian economics

macroeconomics spring exam, questions and answers

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Name: _________________________________ Days/Times Class Meets: ___________ Today?s Date:__________ 1 Macroeconomics, Spring 2008, Final Exam, several versions Read these Instructions carefully! You must follow them exactly! I) On your Scantron card you must print three things: 1) Print your full name clearly; 2) Print the day and time of your section (for example TTh 7 AM); 3) Print the number I have written in ink on the upper right corner of your copy of this test. (This number tells me which version of the test you have. Without it your test cannot be graded properly and you get no credit for your answers.) II) Answer on your Scantron card, using a #2 pencil. Warning: SOME QUESTIONS MUST BE ANSWERED SEVERAL TIMES!

John Maynard Keynes

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Tuesday, December 11, 2012 John Maynard Keynes from (http://www.investopedia.com/articles/economics/09/john-maynard-keynes-keynesian.asp#axzz2EmRQY6hg) second wealthiest economist in history believed free market capitalism was unstable ideas were summed up in the book he wrote that came out in 1936, where he explained his ?General Theory? gave governments a central role in economics Keynes made government see that they could become the main driver in the economy Was against classical economic virtues Keynes believed that private investment, balanced government budgets and low taxes were more significant than saving, private investment, balanced government budgets and low taxes

A Brief History of Economics

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John Maynard Keynes was a British economist whose ideas have greatly shaped modern macroeconomics, and indeed is credited as the father of all modern macroeconomics. His ideas are the basis for the school of thought known as Keynesian economics. Keynesian Economics states that some microeconomic decisions may lead to macroeconomic inefficiencies. In other words, if a small economy such as Arizona’s real estate market slips, it could cause the large economy it is a part of, the economy of the United States, to wane. Several branches of Keynesian Economics are used today. Adam Smith’s economic theory basically states that as long as people act in their own self interest, the economy will remain stable to its highest efficiency.
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