Recife Subway Map on The introduction of the social welfare state in the UNITED STATES as part of President Franklin ROOSEVELT’s NEW DEAL policies established the importance of Keynes’ economic theories to the American political and economic systems, to the point that President Ronald REAGAN’s reliance on the economic theories of Milton FRIEDMAN could not totally dislodge them. Keynes believed that economic cycles are constantly changing, and each cycle has a distinct impact on INCOME, employment, prices, and output. He pointed out that individuals are different, as are their economic needs and habits. Some people put their money in banks while others choose to invest. He believed they acted from different motives and expected different results. If people lost trust in the economic system, he argued, they would begin to hoard money, and the ripple effect would create high unemployment and economic crisis. Therefore, the government had a responsibility to increase its own spending and reduce taxes to stimulate the sluggish economy. Recife Subway Map 2016.
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