Why is Keynesian economics preferred over other economical theories in colleges?
because it’s better. Keynesian deals with expanding aggregate demand during economic downturns. Though aggregate supply cannot be controlled completely, aggregate demand basically can. We can, for instance, give everyone 10,000 dollars and this will expand demand for all normal good. Overall, the increase in aggregate demand with a inelastic aggregate supply curve means higher output and higher prices. Hence, the short-run trade off between employment and inflation. People who questions the trade-off need to explain why they do not agree with the short-run upward slopping aggregate supply curve. If the short-run aggregate supply curve is upward slopping, it has to result in the short-run trade-off.
