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Keynesian economics to Economic Recovery

. Keynes’ ideas are thought to have become a model for many nations in the economic recovery during the Great Depression, and for decades afterwards. As we seem to be possibly headed toward the next financial crisis let’s consider. The theory is one thing, but as we can see in practice most politicians are unlikely or unwilling to implement optimal policies, and Keynesian economics relies on government action to effectively suppress recession. This suppression is achieved though costly spending to generate jobs and mask unemployment, this risks further inflating bubbles that may have led to recession in the first place, and may allocate resources on false or unproductive jobs. A more classical view of capitalism, such as the Austrian school of economics, would see this as the propping up of unneeded or failing enterprises, and would advocate for not allocating capital wastefully. Is the theory an answer to the current economic situation ?

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