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Political Economy Q1 - Essay Example

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Keynes believes that the focus of Classical Economic Theory is too narrowly focused on the theme that price adjustment would automatically account for the demand to reach the maximum employment level. For example, the Classical School of Thought strongly stood with the reason of…
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Political Economy essay Q1
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Political Economy Q1

These factors are interrelated, and a fall of one leads to fall of all and vice versa.
Although Keynes deviates from what the Classical economists majorly focus upon, for the reason that he had been surrounded by Classical and Neo-Classical thinkers throughout his life, yet his ideas have a strong reliance to the Classical Thought and form an inspiration from this school of economic thought (Tarshis).
Keynes strongly believes that the Classical Economic Theory focused on a specific, exceptional, rather than a general condition of economic theory, namely the strong emphasis on prices and wages as a determinant of the overall employment level of a country. He demonstrated this with respect to the Great Depression, and concluded that the Classical focus was too narrow to apply in general. The Classical economists formulated the concepts which made us to believe that we can drive the economy according to set preferences and likes, but in reality, it is difficult to so influentially affect the various economic forces which alter the real conditions.
Hence, according to Keynes, the Classical Economic Theory is not sufficient to explain the general economic conditions. This gave rise to The General Theory of Employment, Interest and Money, which focuses on a general activity, unlike the Classical case. Building upon the concepts of employment, interest and money, Keynes was not just an economist who provided core theoretical concepts, rather he believed in formulation of sound economic policy through the application of those concepts (Johnson). Keynes’ theory therefore was not just focused on one particular direction of economic activity, but actually covered everything from the basics (prices, supply, demand, wages, employment, saving, investment, capital etc.) to actually applying those concepts practically, as economic policies. Not only ... Read More
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