Keynes economics
Keynesian economics is a theory of economics based on the ideas of British economist John Maynard Keynes of the 20th century. Keynesian economics encourages a mixed economy in which both the public and private sectors play an important role. This is in sharp contrast to the economic liberalism that argues that markets and the private sector work best in the absence of state interference, and indeed Keynesian economics has been developed to address the problems many economists perceive as a failure of idleness. Keynes' theory says that macroeconomic flows can overwhelm individual micro-actions. Unlike the classical economists' view since the late 18th century, when economic processes were seen as a sustained growth of potential production, Keynes emphasized the aggregate demand for commodities as a factor driving the economy. In this respect, he argued that the government should induce policy consumption to cope with the macro-scale of high unemployment and deflation in the 1930s.