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Definition of

Keynesian economics


economic philosophy of John Maynard Keynes the economic teachings and doctrines associated with John Maynard Keynes, a British economist who lived from 1883 to 1946. He is best known for his theories regarding macroeconomics. He believed that in a recession, the only way to reduce unemployment and improve the economy was for the government to increase spending, even if it meant running a deficit, and to reduce interest rates to encourage borrowing.

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    Maverick economist and financial market theorist
    Minsky was born into a family of Menshevik emigrants from Belarus. His mother was involved in the early trade union movement, while his father was active in the Jewish section of the Socialist party of Chicago. At Harvard University, he gained his doctorate, studying under Joseph Schumpeter and Wassily Leontief, while at the University of California, Berkeley, he developed his major theories about lending and economic activity, which he...

Definitions of ’Keynesian economics’ and meaning of ’Keynesian economics’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’Keynesian economics’ and other financial terms with our online QFINANCE Financial Dictionary.

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