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What is Keynesian economics?

Keynesian economics refers to the theories of British economist and monetary expert John Maynard Keynes (1883–1946), who in 1935 published his landmark work The General Theory of Employment, Interest and Money. A macroeconomist (one who studies a nation's economy as a whole), Keynes departed from many of the concepts of the free-market philosophy—that is, the idea that the market must be permitted to operate without government intervention. In order to ensure growth and stability, he argued, government needs to be involved in certain aspects of a nation's economic life. He believed in state intervention in fiscal policies, and during recessionary times he favored deficit spending (creating a debt), the loosening of monetary policies, and government public works programs (such as those of President Franklin D. Roosevelt's New Deal) to promote employment. Keynes's theories are considered...

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1. Systems And Terms
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   14. What was the New Deal?
   15. Why was the Sherman Anti-Trust Act important?
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2. Money
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   3. What were wildcat banks?
   4. What were greenbacks?
   5. What were Continentals?
   6. When was the U.S. income tax system established?
   7. When was the Interstate Commerce Commission established?
3. Industries
   1. What was the National Bank Act?
   2. What is the Federal Reserve?
   3. How did the American tobacco industry begin?
   4. What were the Navigation Acts?
   5. What was the Cumberland Road?
   6. What was the Pony Express?
   7. How did the invention of barbed wire change the West?
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   10. What is black gold?
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   14. What was "king cotton"?
   15. How did the invention of the reaper change America?
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   18. What is Bessemer process?
   19. When did chain stores begin?
   20. When did department stores begin?
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   22. Who was Rosie the Riveter?
   23. Why was Ford's Model T so important to American history?
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   25. How long ago was computer giant Microsoft founded?