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KEYNESIAN ECONOMICS: A school of thought developed by John Maynard Keynes built on the proposition that aggregate demand is the primary source of business cycle instability, especially recessions. The basic structure of Keynesian economics was initially presented in Keynes' book The General Theory of Employment, Interest, and Money, published in 1936. For the next forty years, the Keynesian school dominated the economics discipline and reached a pinnacle as a guide for federal government policy in the 1960s. It fell out of favor in the 1970s and 1980s, as monetarism, neoclassical economics, supply-side economics, and rational expectations became more widely accepted, but it still has a strong following in the academic and policy-making arenas.
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AGGREGATE DEMAND SHIFTS Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.
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Borrowing Through The FINANCIAL MARKETSWe never know whom we might encounter on our leisurely stroll through the economy. Passing by the marble columns of Interstate OmniBank -- the beacon of safety and security -- we have the good fortune of crossing paths with our Ivy-League-educated pillar of the financial community -- Winston Smythe Kennsington III. Although he seems to be a touch condescending, he's kind enough to show us a freshly signed check for $37 gadzillion, which is but a small part of a multi-gadzillion dollar loan from the Interstate OmniBank. To what constructive purpose Winnie will put these funds remains unclear; how this loan will be repaid, he never says; but Winnie proudly reminds us several times that this loan once again proves his unchallenged standing as the majordomo of the financial markets.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Wherever you go, no matter what the weather, always bring your own sunshine." -- Anthony J. D'Angelo
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AIC
Akaike's Information Criterion
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