A small spark in government spending can lead to a much larger increase in total national income.
"The difficulty lies, not in the new ideas, but in escaping from the old ones." — John Maynard Keynes 🖋️ #Economy #Investing #History #Keynesian The General Theory of Employment, Interest and ...
Caption: 📖 Book Review: The Bible of Macroeconomics A small spark in government spending can lead
He once joked that even if the government paid people to dig holes and fill them back up, it would be better for employment than doing nothing at all! 🕳️💰 not in the new ideas
In 1936, JM Keynes dropped The General Theory of Employment, Interest and Money . His big realization? The economy can get stuck in a "low-employment trap" indefinitely.
Are we still slaves to "defunct economists"? 🏛️