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KEYNESIAN THEORY: A theory of macroeconomics developed by John Maynard Keynes built on the proposition that aggregate demand is the primary source of business cycle instability, especially recessions. The basic structure of the Keynesian theory of economics was initially presented in Keynes' book The General Theory of Employment, Interest, and Money (1936).

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Lesson 9: Macro Basics | Unit 5: Issues Page: 16 of 16

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  • How differing views on the 'best' economic policies result from basic differences in ideologies, values, and beliefs, and from vested interests of those benefitting from policies.
  • Why we have alternative, competing macroeconomic theories because of differing political views and the inability to undertake definitive tests of each theory.


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PUBLIC CHOICE

The study of collective decisions made by groups of individuals, especially those decisions made by government organizations. As the name suggests, public choice is primarily the study of how choices (decisions) are made by the public (government) sector. Such choices are made, in principle, on behalf of the public or all members of society, to correct market failures or imperfections in the private sector. However, in that the world is imperfect on all fronts, the government sector also comes up short in many cases, with inefficient imperfections due to election seeking politicians, ignorant and abstaining voters, special interest groups, and government bureaucracies.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for defective microphones.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it."

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