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PK goods market: basic multipliers • Standard Keynesian multiplier • C = c 1.Y +c 0 • I = I 0 • In equilibirum • Y = C + I 0 • Y* = 1/(1-c 1). %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz��������������������������������������������������������������������������� M@i)���]�-GY������?��) �a��NM�� O�(�k�. Its main tools are government spending on infrastructure, unemployment benefits, and education. ))i)������4����%�IKIL����S JCҖ���KIKITdĤ4���=))M%;�Д���DQ@ EP0��( ��( ��(�����4�))i( ��( ��( ��(�R�PE-% QE0�(�� QE))i( ��(Ш�����D��)�J(�� IKIL�E�bRR�S$))i)�J(�� E�X�S�P1�S�R�i��S�?�AfCIVE����,�w�(�A�"�%^iݘ�Ŭ#������~�Fu%i�p/eZ��{N�=�vf�s�I�)��c�3���w�I�)��;#9��\�[����� �1(���� Q�Ũ�X��#�i�a�4����Z���2�Ɠ��O�Si(��tB~��0��� ; • Lavoie: Introduction to Post Keynesian Economics • Hein & Stockhammer: New Guide to Keynesian Macroeconomics and Economic Policies • King: History of Post Keynesian Economics . Keynesian economics is a theory that says the government should increase demand to boost growth. As a result, the theory supports the expansionary fiscal policy. <> Keynesian economics, body of ideas set forth by John Maynard Keynes in his General Theory of Employment, Interest and Money (1935–36) and other works, intended to provide a theoretical basis for government full-employment policies. ($JJpV=?AO[y���������%Z[�� �d}MJ�U�u(�SS�"��R��P4�Z����L�jU��zG4�x��C���K�^�����k��c�j~��"��.��qJ#���1� ' .)10. endstream Ť��D���CY�u���j��?v4^k>��Q�Q�.6�tz2��j��n�7��Bi��S��f������zF?�0�z�)*�FnM�EU����!) �� � } !1AQa"q2���#B��R��$3br� (��=*:�ziv=�����~�؅%S�QE����� Ĥ���HRR�S�QE�(���)�����!Hii 10�$r(�4 ���a��Ѻ��P��J��\�|̗����ս����ᔏ�%H�ȣ���=P�dT�>�_�!C괆 ��_ۡ����{QNdd8e ��j�%� %��9[!��B�s� }MH4�WQK�Eu�'УIZK���HR >Ա�i{X��I�4�����uE�M�#��b����;�#7E'�)��v�~U�o���g�)���>걣�M��Ao"���o��jE��=YEHڧ�b��DڜǢ���XZ�%](���K�}�s����o�i�����v�+�t�*=ع�-��,m���4����yʰ���$�M%Žؾ��M�{h�LmR�t %���� �:(�z 5 0 obj PART TWO CLASSICAL ECONOMICS AND THE KEYNESIAN REVOLUTION 49 Chapter 3 Classical Macroeconomics (I): Output and Employment 50 Chapter 4 Classical Macroeconomics (II): Money, Prices, and Interest 67 Chapter 5 The Keynesian System (I): The Role of Aggregate Demand 83 Chapter 6 The Keynesian System (II): Money, Interest, and Income 109 Chapter 7 The Keynesian System (III): Policy … JZJb�(�BJSILL))i)� 3 0 obj �� � w !1AQaq"2�B���� #3R�br� A2.3.1 The Keynesian cross 106 A2.3.2 Keynes’s income vs. 1 0 obj 4 0 obj 1. viii The Economics of Keynes: A New Guide to The General Theory 3. A Keynesian believes […] Appendix . Keynesian economics focuses on using active government policy to manage aggregate demand in order to address or prevent economic recessions. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S>> <> Gross National Product 108 A2.3.3 Saving and finance 108 A2.3.4 Equilibrium income vs. income as an equilibrium value 113 . Although the term has been used (and abused) to describe many things over the years, six principal tenets seem central to Keynesianism. endobj <> <> �������2��! 2 0 obj -!�! 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