Asked by Emily Apodaca on Apr 25, 2024
Verified
Which of the following decades is known as the "Golden Age of Keynesian Economics"?
A) The 1930s
B) The 1950s
C) The 1960s
D) The 1970s
E) The 1980s
Golden Age
A period in history marked by peace, prosperity, and significant advancements in arts, science, and culture.
Keynesian Economics
Keynesian Economics is an economic theory stating that government intervention is necessary to manage aggregate demand in order to address or prevent economic recessions.
- Gain insight into the historical setting and efficacy of Keynesian economics across distinct economic periods and conditions.
Verified Answer
AB
Arber Bleta7 days ago
Final Answer :
C
Explanation :
The 1960s is known as the "Golden Age of Keynesian Economics" as it was a time of high economic growth, low unemployment rates, and governments heavily influenced by Keynesian economic policies. This period was characterized by the belief in fiscal policy as an effective tool for stabilizing the economy, as well as government intervention in the form of public spending and regulation. However, this era began to decline in the 1970s due to the oil crisis and stagflation.
Learning Objectives
- Gain insight into the historical setting and efficacy of Keynesian economics across distinct economic periods and conditions.