Keynes’s theory came about as a result of the experience of Keynes from the Versailles Treaty which forced him to disagree with the earlier theories. The book, “The Economic Consequences of the Peace”, ascertained Keynes as one of the economists who possessed both political and practical expertise to control policy.
In the 1920s, the economist, Keynes issued a sequence of articles and books which centered on the effects of economic trends and state power coming about with the thought that monetary policy is something different from just upholding legal tender alongside a permanent peg.
Keynes continuously supposed that the systems of the economy won’t automatically correct themselves to reach the production’s optimal level- this is an expression in his well-known quote that we’re all dead in the end. This implies that it doesn’t matter that production levels’ optimum is reached in the long- run for it will be such a long-run indeed. In the last periods of the 1920s, the economic system of the world began to split up after the unstable revival that pursued the First World War. Through the global fall in production, gold standard critics, self-correction of the market, and the paradigms of economics which are production-driven came to the front. Many different schools competed for influence.
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