B Com Exam > B Com Videos > Macro Economics > Keynesian Theory of Employment (Part 1)
Keynesian Theory of Employment (Part 1) Video Lecture | Macro Economics - B Com
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FAQs on Keynesian Theory of Employment (Part 1) Video Lecture - Macro Economics - B Com
| 1. What is the Keynesian Theory of Employment? |  |
Ans. The Keynesian Theory of Employment, also known as Keynesian economics, is an economic theory proposed by John Maynard Keynes. It suggests that government intervention is necessary to stabilize the economy during periods of recession or depression. Keynes argued that during economic downturns, the government should increase its spending and decrease taxes to stimulate demand and increase employment.
| 2. How does the Keynesian Theory of Employment differ from classical economics? | |
Ans. The Keynesian Theory of Employment differs from classical economics primarily in terms of the role of government intervention. Classical economics advocates for a laissez-faire approach, where the government does not interfere in the economy. On the other hand, Keynesian economics emphasizes the need for government intervention, particularly through fiscal policy, to manage aggregate demand and stabilize the economy.
| 3. What is the role of aggregate demand in the Keynesian Theory of Employment? | |
Ans. In the Keynesian Theory of Employment, aggregate demand plays a crucial role. Keynes argued that fluctuations in aggregate demand are the primary cause of economic recessions and depressions. When aggregate demand falls, businesses cut production and lay off workers, leading to higher unemployment. To combat this, Keynes recommended that the government should increase its spending to boost aggregate demand and stimulate economic growth.
| 4. How does the Keynesian Theory of Employment address unemployment? | |
Ans. The Keynesian Theory of Employment addresses unemployment through government intervention. Keynes argued that during periods of high unemployment, the government should increase its spending on infrastructure projects, social programs, and other initiatives to create jobs and reduce unemployment. By boosting aggregate demand through increased government spending, the theory aims to create a multiplier effect, where increased consumption leads to further economic growth and job creation.
| 5. Is the Keynesian Theory of Employment still relevant today? | |
Ans. Yes, the Keynesian Theory of Employment is still relevant today. Many governments around the world continue to use Keynesian principles to manage their economies during periods of recession or high unemployment. The theory's emphasis on government intervention and fiscal policy remains a key tool in stabilizing and stimulating the economy. However, it is important to note that there are also alternative economic theories and approaches that have gained prominence in recent years.
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Nov 22, 2024 Last updated |
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