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John Maynard Keynes and Alvin Hansen
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Contrasts the methodologies and policy implications of the
respective theories of John Maynard Keynes and Alvin Hansen. Keynes used
a rationalistic epistemology and deductive logic to deduce a pure theory
of employment which implied that monetary policy would be an appropriate
remedy for unemployment. Hansen used an empirical epistemology and
inductive logic to formulate an applied theory of employment which
explained the causes of the Great Depression in the USA. Hansen′s theory
of secular stagnation implied that a compensatory fiscal policy would be
an effective remedy for unemployment. The respective theories of Keynes
and Hansen are complementary, rather than contradictory; therefore,
social economists should utilize both of these theories under
appropriate circumstances.
Title: John Maynard Keynes and Alvin Hansen
Description:
Contrasts the methodologies and policy implications of the
respective theories of John Maynard Keynes and Alvin Hansen.
Keynes used
a rationalistic epistemology and deductive logic to deduce a pure theory
of employment which implied that monetary policy would be an appropriate
remedy for unemployment.
Hansen used an empirical epistemology and
inductive logic to formulate an applied theory of employment which
explained the causes of the Great Depression in the USA.
Hansen′s theory
of secular stagnation implied that a compensatory fiscal policy would be
an effective remedy for unemployment.
The respective theories of Keynes
and Hansen are complementary, rather than contradictory; therefore,
social economists should utilize both of these theories under
appropriate circumstances.
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