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Economic development theories, John Maynard Keynes - Coggle Diagram
Economic development theories
Economic Liberalism
Rooted by classical liberalism
Created by
Adam Smith
David Ricardo
John stuart smith
Economic Kenynesianism
Government Spending
Government Authority
Government Investment
Public Projects
Money moving in the economy
Aggregate Demand
Consumers buying goods
When demand increases, businesses produce more, which helps the economy grow.
Businesses producing goods
Flow of money
Employement
Workers
Companies hiring workers
Improvement in economy and wellbeing
More government spending and higher demand create more jobs. Government intervention helps reduce unemployement
Created Kenynesianism in 1930's
Welfare Economics
Groundworks Author: Alfred Marshal
SWF: Social Wellfare Functions
Nicholas Kaldor
John Hicks
Formalization Author: Arthur Cecil
Concept Author: Vilfredo Pareto
Concept: Pareto Efficiency
John Maynard Keynes
