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The Keynesian Approach of Business Cycle and Economic Crises and its Criticism

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  • Ionela Baltatescu

Abstract

The main purpose of this article is to briefly present the Keynesian explanation of business cycle, economic fluctuation and crises, and also the solutions proposed from Keynesian perspective to the economic problems that characterize the bust phases of the business cycles (unemployment, recessions). In the fourth section of the article some criticisms of the Keynesian theoretical approach of the economic crises are considered and summarized.

Suggested Citation

  • Ionela Baltatescu, 2009. "The Keynesian Approach of Business Cycle and Economic Crises and its Criticism," Revista de Economie Mondiala / The Journal of Global Economics, Institute for World Economy, Romanian Academy, vol. 1(4), December.
    • Handle: RePEc:iem:journl:v:1:y:2009:i:4:id:2822000008754035
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    File URL: http://iem.ro/rem/index.php/REM/article/view/70/56
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    More about this item

    Keywords

    economic crises; Keynes; liquidity preference; unemployment; under-consumption; fiscal and monetary policy;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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