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Analyse how the macroeconomic problems outlined above would be approached
by Keynesian economists. In your answer try to capture the essence of the
Keynesian approach and attempt to raise and discuss some of the criticisms that
have been levelled at Keynes.

John Maynard Keynes believed that short run productive activity…

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a positive outcome, where exports compensate imports, resulting in a profit, but this
rarely is the case. GDP is a common measurement of national income and can be
used to judge a countries wealth and poverty by. If any of the factors of GDP increase,
there will be an overall…

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demonstrated by Ricardo 150 years ago" (Paul Fabra, economics editor of Le
Monde, writing in The Times, 11 February,1969).

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