KEYNESIAN

ECONOMIC
THEORY

● Havis Gilang Pratama

(20312625)
● Daffa Muhammad Riffai
(20312612)
● Muhammad Iqbal Dananjaya
(20312607)
 OUTLINE

01
History and
02
Principles and Core
03
Strengths and
Development Approach Weaknesses

04 05 06
Example of a Journal Bibliography Conclusion
Article on Topic
 HISTORY
&
DEVELOPMENT
Jhon Maynard Keynes

Originator of Keynes' economic theory

 Neville Keynes

Florence Ada Keynes

BIOGRAPHY
Born: 5 June 1883 Cambridge, Cambridgeshire, England;

Died: April 21, 1946 (age 62) Tilton, near Firle, Sussex,
England;

His wife Lydia Lopokova.

 EDUCATION

1890 - 1892 1892 - 1897 1897 - 1902 1902 -1905

1894 He tops the class 1899 Winning the Senior 1905 12th rank first class
and receive a prize Mathematics Prize; degree acceptance
for math. 1900 Winning the Senior exam.
Mathematics Prize.
 11 BOOKS
12 ARTICLES & PAMPHLET
1913 - 1949
BOOKS

● 1913 Indian Currency and Finance; ● 1931 Essays in Persuasion;

● 1919 The Economic Consequences of the Peace; ● 1936
● 1921 A Treatise on Probability; The General Theory of Employment, Interest an
● 1922 Revision of the Treaty; d Money
● 1923 A Tract on Monetary Reform; ;
● 1926 The End of Laissez-Faire; ● 1940
● 1930 A Treatise on Money; How to Pay for the War: A radical plan for the
Chancellor of the Exchequer
;
● 1949 Two Memoirs. Ed. by David Garnett (On
 11 BOOKS
12 ARTICLES & PAMPHLET
1913 - 1949
ARTICLES & PAMPHLET

● 1915 The Economics of War in Germany;
● 1922 The Inflation of Currency as a Method of
Taxation;
● 1925 Am I a Liberal?;
● 1926 Laissez-Faire and Communism;
● 1929 Can Lloyd George Do It?;
● 1930 Economic Possibilities for our
Grandchildren;
● 1931 The End of the Gold Standard (Sunday
Express);
● 1931 The Great Slump of 1930;
● 1933 The Means to Prosperity;
● 1933 An Open Letter to President Roosevelt
(New York Times);
● 1933 Essays in Biography;
● 1937 The General Theory of Employment.
 POPULAR BOOKS

1913 1919 The 1921 1930 1936 The

Indian Curre Economic A Treatise on A Treatise on General
ncy and Fina Consequences Probability Money Theory of
nce of the Peace Employment,
Interest and
Money
 CAREER

The Royal Commission on

Clerk at India Office Indian Currency and Finance
Investor

King's college lecturer An adviser to the British

finance department
 DEVELOPMENT

1936
Published The General 2007
Theory of Employment, Great
Interest and Money' Depression

1930 1970
Great Depression Defeated
monetarism
 PRINCIPLES
&
CORE APPROACH
 WHAT IS KEYNESIAN ECONOMIC?

Economic theory of total expenditure in the economy and its effect on output and
inflation. Keynesian economists justify government intervention through public policy
aimed at achieving full employment and price stability, namely:

The Revolutionary Idea Stabilizing The Keynesianism Evolves

Economy
 KEYNES ECONOMIC THEORY
The essence of ideology keynesianism is to overcome the problem of economic crisis,
the Government must do more active intervention in controlling the national economy. The
theory of economic explanation of keynesianism is divided into 5 namely:

Equilibrium Competition Money

Expectation Liquidity
STRENGTHS
&
WEAKNESS
 STRENGTHS WEAKNESS

The role of government in the economy:

1. Allocating money to the wrong
1. Higher employment levels;
field;
2. Banking industry stabilization;
2. Only solve problems in the short
3. Increase taxes and reduce
term;
government spending.
3. In term of making a loan.
 SUMMARY OF
JOURNAL ARTICLE
EXAMPLE OF JOURNAL
ARTICLE

Global Political Economy – Keynesian Economics, its Str

ength and its Weaknesses
 SUMMARY OF JOURNAL ARTICLE

Article title : Global Political Economy – Keynesian Economics, its Strength

and its Weaknesses.

Writer(s) : Arlind Haliti

 RESEARCH BACKGROUND

This research is based on the difficulty of applying Keynesian theory

because it sometimes presents a lot of reforms that have to take place in order to
be successful. On the other hand, there are other economic theories which would
argue against Keynes theory i.e. the mercantilists and constructivists might argue
against it and propose their approach as a better option.
 RESEARCH OBJECTIVE

This research provides a comparison to readers regarding the comparison

between Keynesian economic theories, namely the mercantilist and constructivist
theories by looking at the strengths and weaknesses of each economic theory.
 TYPE OF RESEARCH

The type of research used by the researcher is a type of library research

because the sources used by the researcher in making this journal come from
books, journals, and websites.
 LITERATURE REVIEW

● In short run Keynesian economics tends to increase the labor participation and reduce
regulatory barriers. (Borg, 2015);
● In modern economics, there is also the view that the market is continuously cleared 4 and
that on average shares are correctly priced (Skidelsky, 2009);
● Liberalism is one of the theories that agrees with liberalism. It is not uncommon nowadays
to rank John Keynes as modern day liberal (Raico, 2010);
● Keynesian system increases taxes however, it cuts down in government spending in some
areas thus keeping the government restrained from incurring additional deficits and
controls it in a much more rigorous way (Mohr, 2013).
 TYPE OF DATA

The type of data used by the researcher in compiling this journal is to use the
type of secondary data this is because the researcher uses the sources contained in
books, journals, and websites.
 TECHNIQUE OF DATA COLLECTION

Data collection techniques used in this study document data collection

techniques in which the authors use books, journals, and websites related to the
object of research being studied.
 TECHNIQUE OF DATA ANALYSIS

The data analysis technique used by the researcher is a narrative data

analysis technique because the researcher collects various supporting sources as
research material and then pours everything through the researcher's language so
that the reader can more easily understand
 CONCLUSION RECOMMENDATION

As a conclusion, we can easily say that Keynesian economics is an almost perfect

strategy to get out of a crisis or even worse a recession. However, it has its
disadvantages such as the short-sightedness and not being efficient and effective in the
long run. It has a lot of counter arguments from the mercantilist point of view but still
is effective and somehow present in modern days’ world of economics. As discussed
above the Keynesian economics is still present in some form in today’s central banks
through Open Market Operation.
 BIBLIOGRAPHY

Contributor, C. (2020, September Tuesday). Five Positive Results of Keynesian Economics. Chron.
https://smallbusiness.chron.com/five- positive-results-keynesian-economics-3901.html

Duignan, B. (2017, April 18). Keynesian Economics | Definition & Facts | Britannica. Britannica.
https://www.britannica.com/topic/Keynesian-economics/additional-info#history

Haliti, A. (2016). Global Political Economy – Keynesian Economics, its Strength and its Weaknesses.

O'Connor, J. J., & Robertson, E. F. (2003, October 12). Jhon Maynard Keynes (1883 - 1946 ) - Biography
- MacTutor. MacTutor. https://mathshistory.st-andrews.ac.uk/Biographies/Keynes/

The Information Architects of Encyclopaedia Britannica. (2021, June 1). John Maynard Keynes |
Biography, Theory, Economics, Books, & Facts | britannica. Britannica.
https://www.britannica.com/biography/John-Maynard-Keynes
 BIBLIOGRAPHY
Hayes, M. (n.d). The Economics of Keynes. A New Guide to The General Theory , 1.
http://www.postkeynesian.net/downloads/MGH2006.pdf

Patinkin, D. (1972). Friedman on the Quantity Theory and Keynesian Economics. The Journal of Political
Economy, Vol. 80, No. 5.
http://static.stevereads.com/papers_to_read/friedman_on_the_quantity_theory_and_keynesian_econ
omics.pdf

Pineda, M. E. (2018, August). Keynesian Economics: Defintion and Principles. PROFOLUS.

https://www.profolus.com/topics/keynesian-economics-definition-and-explanation/
 CONCLUSION

John Maynard Keynes was a child who came from an educated family who had an
extraordinary talent for making books, solving problems, and having extraordinary
thoughts in the field of economics. The key to Keynesian economic theory is that there is
no automatic tendency to move output and employment to conditions of full
employment. However, behind its perfection in sparking brilliant ideas related to
economics, Keynesian theory also has weaknesses that cannot be said to be small. This is
what causes this system to be abandoned because many systems are considered to have
failed in this economic system.
Questions and Answers

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