28 Mar 2023 7:06 pm
Keynesian economics is a theory by a man named John Maynard Keynes on economics and where it stood during the Great Depression. It involved a lot of different angles but the basic assumption is that governments should act on markets but not just let markets work on their own. Lassiaz-faire economics prevailed before the Great Depression that stated that the government should never intervene in markets or at the most only prevent monopolies in markets. Therefore, the role of government intervention in markets holds strong to this day since a market failure has not occurred since the Great Depression in America and the theories were vital in the crash that occurred in 2008.
Nothing is easier than defending the status quo.