economics
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IntroductionJohn Maynard Keynes is one of the greatest economists in history, whose concepts and models have greatly laid foundations for macroeconomics and influenced economic policies. He is popular for the General Theory of Employment and Interest and Money concepts. Keynesians were known to believe that prices were rigid. They postulated that if government spending increases and other elements of expenditure like consumption and investment are held constant, then the output would increase. One of the popular arguments by Keynes is his argument that governments can oversee inflation to eliminate part of peoples wealth without being noticed. The idea which he has supported by models and illustrations has however been criticized by some other economists. According to Keynes, (1923) inflat...
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