Keynesian School

Keynesianism is an economically centrist ideology, whose general economic theory was pretty popular back in the day and still is in most of the western countries and Japan. He believes that the state should intervene in the economy to level out the economic cycle so businesses can make long term investments and allow for long term growth. He plans to do this by lowering taxes, lowering interest rates and increasing spending when the economy busts, but also by cutting spending, raising interest rates and raising taxes during economic booms.

History
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[[File:NuKeynesPix.png]] Neo-Keynesianism
Neo-Keynesianism is an economically centrist ideology, whose general economic theory derived from the Neo-Classical economic thought in a mix with Keynesian economics.

A group of economists sought to synthesize the work of Keynes with numerous aspects of the neoclassical economic orthodoxy, this came to be known as the Neoclassical synthesis. This framework largely retained neoclassical analysis with regards to microeconomics and analysis on the level of the individual and/or the firm, while incorporating Keynesian analysis with regards to macroeconomics. This school of thought was dominant from the 1950s to the 1970s. Neo-Keynesianism fell out of favor due to the stagflation of the 1970s and the work of monetarists such as Milton Friedman.

The two most prominent economic models with roots in Neo-Keynesian thought are:
 * IS-LM model: It relates aggregate demand and employment to three exogenous quantities, i.e. the amount of money in circulation, the government budget and the state of business expectations. It became really popular as a way to analyze the effect demand shocks in the overall economy
 * Phillips curve : This curve was an empirical view of analyzing, to get to the conclusion, that more inflation would cause a lower employment rate.

[[File:Postkeynes.png]] Post-Keynesianism
Post-Keynesianism is a more left-wing current of economic thought developed from the 1930s in England and the United States, where it is currently most present, which presents itself as the closest current to Keynes' ideas. It takes the most radical views of Keynes, who throughout his life has moved further and further away from neoclassicals. As such Post-Keynesianism takes a position radically opposed to that of neoclassical economics by emphasizing the following points:


 * A realistic and non-instrumentalist epistemology. The assumptions made by post-Keynesians must correspond to reality; they do not have a simple predictive function.
 * A holistic and non-individualistic approach, for example the possibility of an autonomous macroeconomics compared to the microeconomics, and an area of ​​analysis and reflection specific to macroeconomics.
 * Giving up on the assumptions of absolute or even limited rationality of agents.
 * Considering the problem of scarcity in the economy as secondary; and placing the problems of production, reproduction, growth and circulationat the center of the analysis.
 * Favorising state interventionism over the free market.
 * Inflation is analyzed from a cost push perspective. Money is endogenous, wages in monetary terms are determined by oligopolies and unions, and the stock of capital is homogeneous.

[[File:Newkeynes.png]] New Keynesianism
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Tenets
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Personality
Keynesianism is the sort of guy who you know you can ask for help on homework, but you can't really remember ever having a proper conversation. He can become a little obsessive when it comes to refining mathematical models to prove his point, and this can make him seem disconnected.

Stylistic Notes
Keynesianism has multiple jokes about him which are displayed in his behaviours:


 * He likes to break other people's windows
 * Likes to bury money in ditches to dig it up again
 * Big Consoomer
 * Likes to have gay sex with teenage boys.

How to Draw
The ball design is based of the Coat of Arms of John Maynard Keynes (Specifically the Escutcheon a.k.a. the Shield)


 * 1) Draw a ball.
 * 2) Fill it with blue (#105BB0).
 * 3) Draw three grey (#B8C1CD) diagonal lines from top left to bottom right.
 * 4) Draw two fleur-de-lis symbols in bottom left and top right with the same color.
 * 5) Draw the eyes and you're done.

Friends

 * [[File: Soclib.png]] Social Liberalism - He's a good student we tend to agree in civil liberties issue but I would like that he was somemore interventionist.
 * [[File: Patcon.png]] Paternalistic Conservatism- You listened to my arguments and not [[File: Fiscon.png]] his, smart move.
 * [[File: Socdem.png]] Social Democracy - I justify for him whatever he is doing.
 * [[File: Indust.png]] Industrialism - I helped him grow in ww2.
 * [[File: Regulationism.png]] Regulationism - The only good economic system
 * [[File: Totalitarian.png]] Totalitarianism - 'Nevertheless the theory of output as a whole, which is what the following book purports to provide, is much more easily adapted to the conditions of a totalitarian state, than is the theory of the production and distribution of a given output produced under conditions of free competition and a large measure of laissez-faire. The theory of the psychological laws relating consumption and saving, the influence of loan expenditure on prices and real wages, the part played by the rate of interest these remain as necessary ingredients in our scheme of thought.'

Frenemies

 * [[File: Hayek.png]] Hayekism - I see it took a detour down the road to serfdom...
 * [[File: Neoliberal-icon.png]] Neoliberalism - I like you depending on your mood, my dear brother.
 * [[File: Protect.png]] Protectionism- Protectionism is good but cant you import a bit more things?
 * [[File: Merc.png]] Mercantilism - I learned a lot from him but he's a bit too blunt when it comes to violence.
 * [[File: corptism.png]] Corporatism- I took many ideas from you but your idea of abolishing democracy is preposterous.
 * [[File: Synd.png]] Syndicalism- Stop complaining about wages already go on welfare you lazy good for nothing commies!.

Enemies

 * [[File: ML.png]] Communism - I am not a communist on the contrary my methods are the only way to stop communists!.
 * [[File: Libertarian.png]] Libertarianism - This simpleton doesn't like it when the machine goes BRRRR. And for the last time, I'm not a goddamn socialist just because I like government spending.
 * [[File: Minarchist.png]] Minarchism - The country is in debt and you bought war bonds but I still got payed sucker!
 * [[File:Ancapf.png]] Anarcho-Capitalism - Oh Christ... They're way more retarded than [[File: Libertarian.png]] those dorks.
 * [[File: Fiscon.png]] Fiscal Conservatism - The machine will go BRRRR whether you like it or not!
 * [[File:Austrobert.png]] Austrolibertarianism - Why cut spending after WW2?

Literature

 * The General Theory of Employment, Interest and Money by John Maynard Keynes
 * The Return of Depression Economics and the Crisis of 2008 by Paul Krugman
 * The Economic Consequences of the Peace by John Maynard Keynes
 * The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes by Zachary D. Carter
 * The Conscience of a Liberal by Paul Krugman
 * Questia List

Wikipedia

 * Keynesian Economics
 * Keynesian Cross


 * Military Keynesianism
 * Keynes' theory of wages and prices
 * Keynesian beauty contest
 * Keynesian Revolution
 * 2008–2009 Keynesian resurgence
 * Category:Keynesian Economics
 * Post-Keynesian economics

People
WIP


 * [[File:Keynes.png]] John Maynard Keynes
 * [[File:Postkeynes.png]] Hyman Minsky
 * [[File:Postkeynes.png]] Joan Robinson
 * [[File:Neomarx.png]] Michał Kalecki [[File:Postkeynes.png]]

Videos

 * Fear the Boom and Bust: Keynes vs. Hayek - The Original Economics Rap Battle and Fight of the Century: Keynes vs. Hayek - Economics Rap Battle Round Two by Emergent Order