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What are the revolutionary contributions of John Maynard Keynes to economic theory?
What are the revolutionary contributions of John Maynard Keynes to economic theory?
Keynes reshaped the modern understanding of macroeconomics with his ideas on government intervention and aggregate demand.
What is the concept of fiscal policy according to Keynesian economics?
What is the concept of fiscal policy according to Keynesian economics?
During recessions, government should stimulate demand through spending and tax cuts.
Explain the concept of the multiplier effect introduced by Keynes.
Explain the concept of the multiplier effect introduced by Keynes.
The multiplier effect is where an initial increase in spending leads to a larger increase in national income.
What did Keynes emphasize regarding aggregate demand in determining economic output?
What did Keynes emphasize regarding aggregate demand in determining economic output?
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How did Keynesian economics influence government's role in managing economic fluctuations?
How did Keynesian economics influence government's role in managing economic fluctuations?
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