Home > Terms > English (EN) > John Maynard Keynes

John Maynard Keynes

Keynes was an influential economist who advocated government intervention in the modern capitalist economy. His initial motivation for studying economics was to reduce rife mass unemployment due to the Great Depression. In effect, Keynes made a systematic instrument for the U.S. government to create a robust economy. Therefore, the government's prime responsibility and national goal is for a tax payer funded welfare state with federal investment and expenditure (like building infrastructure) which may be needed to assure continuing full employment because private enterprises cannot provide full employment without interventionism by the government. According to the reading of Keynes Hayek, his ideas were introduced into The Truman's administration (experimented by the implementation of Marshall Plan), the Eisenhower's administration (minimized recession by use of "automatic fiscal stabilizers"), the Nixon (design of "a full employment budget"), and Jimmy Carter (approval of the Humphery-Hawkins Full employment)

Collect to Blossary

Member comments

You have to log in to post to discussions.

Terms in the News

Billy Morgan

Sports; Snowboarding

The British snowboarder Billy Morgan has landed the sport’s first ever 1800 quadruple cork. The rider, who represented Great Britain in the 2014 Winter Olympics in Sochi, was in Livigno, Italy, when he achieved the man-oeuvre. It involves flipping four times, while body also spins with five complete rotations on a sideways or downward-facing axis. The trick ...

Marzieh Afkham

Broadcasting & receiving; News

Marzieh Afkham, who is the country’s first foreign ministry spokeswoman, will head a mission in east Asia, the state news agency reported. It is not clear to which country she will be posted as her appointment has yet to be announced officially. Afkham will only be the second female ambassador Iran has had. Under the last shah’s rule, Mehrangiz Dolatshahi, a ...

Weekly Packet

Language; Online services; Slang; Internet

Weekly Packet or "Paquete Semanal" as it is known in Cuba is a term used by Cubans to describe the information that is gathered from the internet outside of Cuba and saved onto hard drives to be transported into Cuba itself. Weekly Packets are then sold to Cuban's without internet access, allowing them to obtain information just days - and sometimes hours - after it ...

Asian Infrastructure Investment Bank (AIIB)

Banking; Investment banking

The Asian Infrastructure Investment Bank (AIIB) is an international financial institution established to address the need in Asia for infrastructure development. According to the Asian Development Bank, Asia needs $800 billion each year for roads, ports, power plants or other infrastructure projects before 2020. Originally proposed by China in 2013, a signing ...


Online services; Internet

Spartan is the codename given to the new Microsoft Windows 10 browser that will replace Microsoft Windows Internet Explorer. The new browser will be built from the ground up and disregard any code from the IE platform. It has a new rendering engine that is built to be compatible with how the web is written today. The name Spartan is named after the ...

Featured Terms

  • 0


  • 0


  • 1


Industry/Domain: Entertainment Category: Movies

Transformers: Age of Extinction

The fourth installment of the hit franchise Transformers, a series of science fiction action films based on the popular transformer toys created by ...

Featured blossaries


Category: Entertainment   4 20 Terms


Category: Religion   2 6 Terms