When were Keynesian economics developed?
John Maynard Keynes, a British economist, introduced Keynesian economic theory in 1936 as a response to the Great Depression. Classical economic theory argued that the market system was inherently stable and had a self-regulating mechanism that would allow economies to recover from a depression without outside intervention. Keynes insisted that the market could not correct itself, and government intervention was necessary for economic recovery.References:Federal Reserve Bank of San Francisco: Economic Research and Data: Major Schools of Economic Theory”Essentials of Economics”; Bradley R.
