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Keynesian theory by Keynes is about how the short run especially during recession is strongly influenced by the aggregate demand. Aggregate demand is the total demand for value goods and services in an economy at a given point in time
Aggregate demand does not necessarily equal the productivity capacity but is influenced by a host of factors and sometimes behaves erratically affecting production, inflation and employment
While the classical economists held a view that a state of general equilibrium existed in the economy, Keynes refuted this position by the classical economists and brought about greater awareness of structural inadequacies such as imbalance in demand rate
Keynes argued that the economy was unable to maintain itself at full employment and believed that it was necessary to step in and make use of underutilized savings through government spending
Dana05 answered the question on July 3, 2019 at 11:34
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