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A Primer on Keynesian Economics

By Dr. Hassan Shirvani —Before John Maynard Keynes published his General Theory of Employment, Interest, and Money in 1936, the prevailing view among most economists was that modern economies are characterized by perfectly competitive markets, in which flexible prices and wages cleared all markets and, hence, ensured continuous full employment. Pointing to the Great Depression…

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Did Government Housing Policy Cause the Financial Crisis?

  The financial meltdown of 2008 impacted the global economy on an unimaginable scale. Many economists consider it the worst financial crisis since the Great Depression of the 1930s. It resulted in the threat of a total collapse of the global financial system, the bailout of many major banks by national governments, and downturns in stock markets around the world. In many areas,…

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The Broken Window Fallacy and Keynesian Economics

Critics of Keynesian economics often use the so-called broken window fallacy, advanced in the 19th century by the French economist Frederick Bastiat, to reject the role of government spending in stabilizing the economy.   According to this fallacy, if a hooligan breaks the window of a bakery, the subsequent repair expenditures by the baker will have…

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