The difficulty lies not so much in developing new ideas as in escaping from the old ones.
- John Maynard Keynes,1883-1946, British economist
Image source: Business Week Online - John Maynard Keynes: Capitalism's Savior
Bio on John Maynard Keynes at BBC-History
by Jane McGrath
How Stuff Works
. . . French economist Jean-Baptiste Say proposed a radical idea in the early 19th century. He said that when economies suffer downturns, the solution is to encourage the market to produce more output. . . .
. . . For a long time, most economists and politicians in the United States accepted Say's Law as gospel -- that is, until the Great Depression. By then, a new theory emerged that sought to debunk Say's Law. British economist John Maynard Keynes insisted that a suffering economy results from overproduction and lack of demand, not the other way around. He said that in a recession, government should give the economy a shot of steroids in the demand side of the equation, not on the supply side. . . .
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