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Sabrina Sharawy Introduction to Macroeconomics October 9th, 2004 Keynesian Policy Keynesianism is an economic thought, building upon the ideas of John Maynard Keynes. Keynesian economics is a theory of total spending in an economy and of its effects on output and inflation. This economic approach is characterized by a focus on aggregate demand, the amount firms and households plan to spend at each level of income, rather than supply. J. M. Keynes' book, General Theory, has proved to be probably the most significant social science study of the 20th century. It quickly and permanently changed the way the world looked at the economy and the role of the government. However, in practice, this economical view had proved itself to have its advantages as well as its disadvantages. One of the key propositions of Keynesianism is that there is no natural tendency for capitalist market economies to correct economic stocks and maintain equilibrium at full...

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