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Keynesianismus // is and of its trailers the developed further economic theory set up into the 1930er years of John May pool of broadcasting corporations Keynes, in which the economic control takes a key role by the state contrary to the neoclassical theory and to the monetarism. He is discussed as equipment of the economic policy.
The statements of John May pool of broadcasting corporations Keynes were coined/shaped strongly by the First World War and the world economic crisis with their mass unemployment.
In accordance with Kromphardt states the Keynesianismus that the economy is inherently unstable and possesses no immanent tendency to the full employment equilibrium. Thus Keynes explains the saysche theorem for invalid and turns against the classical money teachings and from the Neoklassik postulated conditions on the job market.
It argues against the classical theory that a lowering of the labour costs helps against underemployment. Keynes regards this thesis as the result of a false conclusion. The labour costs affect the price level in a national economy only. For a material national economy wage lowerings cause however the reduction of the purchasing power of the majority of the consumers (= material wage lowering) and thus a decrease of the demand. Thus sink the extent of utilization of the industry and capacities were diminished, which again to income losses (dismissals and wage lowerings) of the consumers lead, and to a policy, which looks for domestic demand problems by foreign trade surplus to compensate ("beggar thy neighbour policy").
Thus become an anticyclical Gegenlenken of the state necessarily, which is to keep the effects of fluctuations small (anticyclical financial policy). In addition the economy is to be advanced to full employment by national inquiring and tax policy. The global influence of the overall economic demand is possible (global control).
One must try thus to keep the consumer demand if possible on a level so that an appropriate total demand is ensured consisting of consumer and investment demand for an extent of utilization of the production capacities. Therefore one calls this theory often also shortened demand theory.
Under Keynesianismus the intentional increase of the national indebtedness is seen multiple. Afterwards, on the basis of in principle a cyclic economic situation, the state is to behave anticyclically and be to blame for itself, in order to be able to intercept these business fluctuations if possible. Actually the investment activity is to become lively and develop the means in the phase of the boom, financially necessary for it, in the recession over reserves (Surplus saving). Although frequently subordinates, endorsed Keynes never explicit Deficit spending, this idea decreases/goes back on Abba P. Lerner. When Keynes visited 1944 America as a representative of the English vault, Keynes contradicted vehement Lerners idea of the stimulation of the economic situation by national indebtedness.
The contrast between the fiscal policy beginning of the Keynesianer and the monetaristischen economic theory shows up particularly clearly with the underlying initial considerations. In the long run on Adam the Smiths et. aluminium basing "classical "and from it developed "neoclassical "economic theory further goes out of the fact that a closed economical system is "inherently", i.e. on its part, stable and there is exogenous effects - as for example a high state ratio -, which are diminished in unwanted fluctuations of the economic situation. Therefore trailers of the neoclassical theory hold the opinion, the "treasury ", thus the state, are its expenditures if possible to limit and to money supply-political (therefore it "monetaristisch ") instruments be limited (the specialist says, the state would come only one "allokative ", i.e. distribution-referred task too, during it otherwise if possible from the economy to keep out was).
In contrast to it (post office) the keynesianische beginning assumes an final free market system is inherently unstable and arises inevitably business fluctuations. The state with purposeful expenditure politics (deficit spending) must work against these fluctuations of the economic situation. For the Keynesianer monetaristische measures are not sufficient, in order to stabilize the economic situation; therefore additional measures must be met. This that the "treasury" (state) must spend money means concretely, in order to set the economic situation in motion. Keynesianer are also called therefore "Fiskalisten".
Due to the represented completely opposite basic assumptions of the two economic theories monetarism and Fiskalismus are incompatible with one another.
Critics of the keynesianischen economic policy state that the concept of a Konjunkturanschubs leads in the long term by credit-financed state demand to inflation. The theory of adaptive expectation points out that in particular the employees recognize sometime that their risen nominal wages are cancelled by the price rise and therefore not durably more will consume - the money illusion continues thus not for an unlimited period. The national economy appears according to this model with higher price level in an equilibrium with unchanged material national income. Keynes is, when he was responded to these objections ("into the long run, your theory does emergency work." - "Your theory does not function in the long term. "), which said legendary sentence: "Into the long run, incoming goods of acres all DEAD!" ("In the long term we all are dead. ") The sentence originates from Keynes' "Tract on Monetary reform "from 1923. It uses it in connection with the quantity theory, which maintains a connection between money supply and inflation rate.
There is completely generally the criticism against reformism that the participants in the economy adjust themselves to the assistance of the state, always "more risk-joyfully "behaved, thus the national economy ever more strongly to endangered and so the state interventions ever more strongly would undermine (moral Hazard).
Further criticism justified by the so-called crowding out effect, after which national investments the private investments to displace.
The rising unemployment rates of the 1970er are stated of its critics years as indication for the failure of the Keynesianismus.
| Inflation rates in the triad (economics) | Unemployment rates in the triad (economics) |
Keynesianer however do not see connection to the Keynesianismus, but on the contrary a break with its principles and a reinterpretation of the theory in the rise of inflation and rise of unemployment to bare indebtedness politics. Here in particular the break from the income politics embedded in the Keynesianismus is to be called to, which were replaced by a national raising of credit. Years however the Keynesianismus in the transition of the Mechanisisierung for automation the production, which tends to it, sees the problems of the 1970er lowering the capital requirement and the one demand weakness initiates, which continues until today despite break with the Keynesianismus.
As answer to the criticism at the Keynesianismus and as reaction to the experiences of the economic crisis of the 1970er years developed into the 1980er years of the Neokeynesianismus. See major item Neokeynesianismus.
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