Keynesian Economics



  • noun
    (written as Keynesian economics)
    the belief that full employment is not possible unless governments intervene to achieve it by adjusting the level of demand. This should be done either during a depression by reflationary policies such as increasing government expenditure and reducing taxation, or during a boom by deflationary policies such as cutting government expenditure and increasing taxation.

Health Economics

  • An approach to economics whose principal distinctive feature (though not the only one) was perhaps that it supposed that markets did not clear in the manner assumed in classical economics so that resources, especially labour, could remain unemployed for lengthy periods of time. The locus classicus is Keynes (1936).