Not All Are Keynesians!
I am preparing to take
the Macroeconomics CLEP test.
Two figures that dominate the literature of economics are
Adam Smith and
John Maynard Keynes.
While this is an oversimplification, it is generally accurate to describe Smith as a proponent of
free market economics and Keynes a proponent of
governmental economic interventionism.
Keynes believed free markets
incapable of self regulation and advocated a significant amount of governmental regulation. He viewed governmental causality as
important for the effecting of appropriate levels of supply and demand throughout a society. The tragic results of rampant adoption of Keynesian philosophy can be seen in the present international economic challenges.
Most current economists hold to Keynesian thought. Keynes is heralded as an intellectual hero, but the exaltation of his ideas has resulted in widespread ignorance of an important alternative: the
Austrian School.