KEYNESIAN ECONOMICS

Keynesian economics has shaped the way we look at economics today. John M. Keynes has brought about many changes in our economic systems including that of deficit spending to try to balance business cycles. He also made a major point to try to control employment rates. Keynes understood that there would always be a percentage of people that would be unemployed and he took that into consideration when he created his theory of employment. Through the decades Keynesian economics has gone though many different changes to encompass fluctuating economies; yet the basic concepts have remained constant and stable.