Kynesia
Words you can keep
Keynesian Kenyan
Keynesian Kenyan by The Reverend McCready May 20, 2011
Related Words
Kynesia • Keynesian • Keynesianism • kynesha • Kanesia • Kenesia • keynesia • Keynesian Kenyan • kinesiamnesia • kyhesia
Keynesianism
*noun*; a school of economic thought prevalent after World War 2; around 1980, Keynesianism was supposedly superseded by monetarism, and then by the rational expectations hypothesis. Theory is named for John M. Keynes (1881-1946), who argued against the then-mainstream view that the economy was "self correcting." Keynes' book introducing his economic theory was The General Theory of Employment, Interest, and Money (1936).
*Basic Concept*
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The basic concept of Keynesianism is that each economy has a level of aggregate demand, which does not respond to price or income levels in the same way that classical economics says it should. Rising income, for example, *does not* lead to a matching increase in consumption or business investment. Business investment is driven by investment opportunity, not {only] by interest rates. Savings is driven by liquidity preference, not only by interest rates.
Keynes suggested that, for any economy, there was a marginal propensity to consume that was less than one. Hence, if the national income rose by 10%, consumption would rise by something less than 10%. This would lead to some production not being consumed, waste, and unemployment.
*What Keynesianism Says We Should Do*
_______________________________________
In 1936, when Keynes wrote *The General Theory*, most of the world was suffering from the Great Depression. Keynes recommended that the national government stimulation aggregate demand through a policy of deficit stimulus. In other words, the country should create adequate levels of aggregate demand by spending more than it took in as taxes (fiscal policy).
Also, Keynesianism held that aggregate demand could be stimulated *up to a point* by lowering interest rates (monetary policy).
*Application*
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In the USA and other large industrial countries, fiscal and monetary policy has been attempted often. After 1980, the Federal Reserve chair (Paul Volcker) was a monetarist, who claimed to reject Keynesianism. Nobel laureates in economics almost unanimously attacked Keynesianism as outmoded and wrong-headed, but governments continue to use fiscal stimulus and interest rate cuts in response to recessions.
*Basic Concept*
_______________________________________
The basic concept of Keynesianism is that each economy has a level of aggregate demand, which does not respond to price or income levels in the same way that classical economics says it should. Rising income, for example, *does not* lead to a matching increase in consumption or business investment. Business investment is driven by investment opportunity, not {only] by interest rates. Savings is driven by liquidity preference, not only by interest rates.
Keynes suggested that, for any economy, there was a marginal propensity to consume that was less than one. Hence, if the national income rose by 10%, consumption would rise by something less than 10%. This would lead to some production not being consumed, waste, and unemployment.
*What Keynesianism Says We Should Do*
_______________________________________
In 1936, when Keynes wrote *The General Theory*, most of the world was suffering from the Great Depression. Keynes recommended that the national government stimulation aggregate demand through a policy of deficit stimulus. In other words, the country should create adequate levels of aggregate demand by spending more than it took in as taxes (fiscal policy).
Also, Keynesianism held that aggregate demand could be stimulated *up to a point* by lowering interest rates (monetary policy).
*Application*
_______________________________________
In the USA and other large industrial countries, fiscal and monetary policy has been attempted often. After 1980, the Federal Reserve chair (Paul Volcker) was a monetarist, who claimed to reject Keynesianism. Nobel laureates in economics almost unanimously attacked Keynesianism as outmoded and wrong-headed, but governments continue to use fiscal stimulus and interest rate cuts in response to recessions.
Keynesianism held out the prospect that the state could reconcile the private ownership of the means of production with democratic management of the economy.
Adam Przeworski, *Capitalism and social democracy* (1986)
Adam Przeworski, *Capitalism and social democracy* (1986)
Keynesianism by Abu Yahya March 3, 2009
kynesha
Kynesha is a bad bih. She is smart, well educated, and has a kind heart. She has an awesome personality but can get very dangerous when tested. She is also very charming.
Kynesha is my favorite person.
kynesha by He's Mine! July 16, 2017
Keynesian
influenced by the economic theory of John M. Keynes (1883-1946); in particular, Keynes' book *The General Theory of Employment, Interest, and Money* (1936). The main point of Keynes' general theory (GT) was that market economies are not usually self-correcting, and occasionally require some sovereign intervention to prevent inflation or depression.
One of the policy prescriptions of the GT for curing recessions was to lower interest rates; another, more potent tool, was to deliberately run a fiscal deficit as a strategy for increasing aggregate demand. The GT was too late to have much of an impact on the Great Depression, but it did have a major impact on the economic policies of the Western Democracies from 1946 to the present.
During the period 1979 to 2001, Keynesianism was supposedly discredited, but national governments continued to use stimulus packages and monetary policy to resolve recessions. The policy has evolved, but remains the cornerstone of actually existing government behavior.
Attacks on Keynesianism: the most famous adversary of the GT was Friedrich von Hayek (1899-1992) of the London School of Economics, who insisted that an authentically free market would be self-correcting if it were only allowed to. Hayek's objections were ideological, but other economists such as John Muth argued that the GT expected people to make irrational, or unreasonable errors.
During the late 1970's, Keynesianism was eclipsed by the Rational Expectations Hypothesis; but REH failed to develop satisfactory policy proposals, while Neo-Keynesian economics evolved to address many of the original REH criticisms.
One of the policy prescriptions of the GT for curing recessions was to lower interest rates; another, more potent tool, was to deliberately run a fiscal deficit as a strategy for increasing aggregate demand. The GT was too late to have much of an impact on the Great Depression, but it did have a major impact on the economic policies of the Western Democracies from 1946 to the present.
During the period 1979 to 2001, Keynesianism was supposedly discredited, but national governments continued to use stimulus packages and monetary policy to resolve recessions. The policy has evolved, but remains the cornerstone of actually existing government behavior.
Attacks on Keynesianism: the most famous adversary of the GT was Friedrich von Hayek (1899-1992) of the London School of Economics, who insisted that an authentically free market would be self-correcting if it were only allowed to. Hayek's objections were ideological, but other economists such as John Muth argued that the GT expected people to make irrational, or unreasonable errors.
During the late 1970's, Keynesianism was eclipsed by the Rational Expectations Hypothesis; but REH failed to develop satisfactory policy proposals, while Neo-Keynesian economics evolved to address many of the original REH criticisms.
Keynesian
Keynesian: GDP = C + G + I +Ne. More government spending (G) increases GDP. The government needs to stimulate to increase prosperity.
Sane Person: But doesn't that substitute the political process for the market process in determining how society's scarce resources are allocated? If central economic planning lead to prosperity wouldn't North Korea be the most prosperous place on Earth?
Keynesian: Paul Krugman didn't tell me that, so it can't be true! Racist!
Sane Person: But doesn't that substitute the political process for the market process in determining how society's scarce resources are allocated? If central economic planning lead to prosperity wouldn't North Korea be the most prosperous place on Earth?
Keynesian: Paul Krugman didn't tell me that, so it can't be true! Racist!
kynesha
More from Urban Dictionary
Salad Days
green inexperienced youthful judgement and cold blooded execution of those judgements.
Rashness with little concern of consequence.
Antony and Cleopatra. William Shakespeare
"My salad days,
When I was green in judgment, cold in blood."
- William Shakespeare, Antony and Cleopatra, 1.5
Rashness with little concern of consequence.
Antony and Cleopatra. William Shakespeare
"My salad days,
When I was green in judgment, cold in blood."
- William Shakespeare, Antony and Cleopatra, 1.5
Salad Days by GilbyRFC0 October 7, 2011
Word of the Day on August 28, 2026
age gate
An absolutely foolproof way to keep minors from viewing content deemed "too mature" for them to watch.
board chow
A)
The Crud that collects under the keys in a keyboard. Usually more severe in the keyboards of programmers and webmasters as they tend to spend a lot of time at the the computer and thus eat at their desk. Mainly affecting IBM Model M (clicly) style boards.
B)
Can also be used to gross out Non-Techie people
The Crud that collects under the keys in a keyboard. Usually more severe in the keyboards of programmers and webmasters as they tend to spend a lot of time at the the computer and thus eat at their desk. Mainly affecting IBM Model M (clicly) style boards.
B)
Can also be used to gross out Non-Techie people
A)
Bill: want to go to the club?
Bob: No, I've got to clean out my board chow, keys are starting to stick.
B)
Bill: Want to go out to get a bite?
Bob: No, i am just going to have some of my board chow/
Bill: Whats' that?
Bob: The food scraps that collect in my keyboard; Want some?
Bill: *GAG* *HURL* *GAG*
Bill: want to go to the club?
Bob: No, I've got to clean out my board chow, keys are starting to stick.
B)
Bill: Want to go out to get a bite?
Bob: No, i am just going to have some of my board chow/
Bill: Whats' that?
Bob: The food scraps that collect in my keyboard; Want some?
Bill: *GAG* *HURL* *GAG*
board chow by BinaryHackerMan September 3, 2007
Word of the Day on August 26, 2026
grebo
West Midlands slang word for rockers, bikers, greasers etc. In the late 1980s it was used by the UK music press to refer to a specific scene centered around the bands Pop Will Eat Itself and Crazyhead. The term never found favour with readers of 'the inkies' (Sounds, Melody Maker and the still extant NME) and was soon dropped. Now often used in predominantly working-class areas of the midlands and the north to mean someone who listens to rock-derived music and/or dresses in a manner that suggests they affiliate themselves with rock music of some kind.
TikTok Farlands
TikTok Farlands is a term to refer to videos that you see after scrolling for a long time. These videos can potentially be disturbing, or weird. Said videos can also have low likes, or low comments.
TikTok Farlands by PINES FAMILY TORTURER July 24, 2026
Word of the Day on August 23, 2026