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Keynesianism became the dominant economic model post-WWII. However, the "Stagflation" of the 1970s (high inflation combined with high unemployment) challenged traditional Keynesian models, leading to the rise of Monetarism and supply-side economics. In response, "New Keynesian Economics" emerged, attempting to provide microeconomic foundations for Keynesian macroeconomics, incorporating concepts like rational expectations.

This paper explores the economic theory of Keynesianism, developed by John Maynard Keynes during the 1930s. It examines the core argument that aggregate demand is the primary driving force in an economy, particularly during recessions. The paper discusses the historical context of the Great Depression, the policy implications of government intervention, and the lasting impact of Keynesian thought on modern macroeconomics. keyskiskie doods

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