6- Economía. S2. Teoría keynesiana.
Economic Doctrines: Keynesian Theory Overview
Introduction to Keynesian Economics
- The session begins with a focus on the third block of tutorials regarding economic doctrines, specifically transitioning from Marxist to Keynesian theory.
- John Maynard Keynes is introduced as one of the most influential economists of the 20th century, particularly noted for his General Theory published after the Great Depression.
Key Concepts in Keynesian Economics
- Keynes established foundational principles for macroeconomics, emphasizing that individual behavior and overall economic analysis require different methodologies.
- A critical assertion is made: "the whole is not merely the sum of its parts," indicating that microeconomic reasoning does not apply directly to macroeconomic contexts.
Role of Government in Macroeconomics
- Unlike classical and neoclassical theories, Keynes proposed that government intervention is essential for achieving full employment and stabilizing the economy.
- He challenges the notion that unemployment is voluntary, arguing instead that it results from insufficient demand during economic cycles.
Economic Cycles and Unemployment
- Economic cycles are described as periods where production capacity isn't fully utilized due to low effective demand, leading to involuntary unemployment.
- The concept of involuntary unemployment contradicts classical views; workers want jobs but cannot find them due to market failures.
Price Rigidity and State Intervention
- Keynes critiques the idea of an "invisible hand" guiding markets effectively; he argues that price rigidity prevents proper adjustments in supply and demand.
- In response to recessions, he advocates for fiscal policy measures—government spending adjustments—to maintain effective demand levels.
Monetary Theory Contributions
- Beyond fiscal policy, Keynes also redefined money's role beyond mere exchange; it became an asset subject to speculation influenced by interest rates.
- He highlights a disconnect between savings decisions and investment opportunities in a more complex economy than during the Industrial Revolution.
Conclusion and Future Discussions