The economy was once new and beliefs varied a little from the beliefs of the twentieth century. These beliefs were created in the 1500's and were considered Classical Economist beliefs. These beliefs went on for three hundred and fifty years and were followed as a standard for that time period. Once the knowledge of John Manard Keynes was into looking, the great depression ended. For nearly ten years this country experienced a high rate of …
showed first 75 words of 949 total

showed last 75 words of 949 total
…act and are far better for the economy than the classical economists’ beliefs. Classical Economist model was sufficient until a depression occurred therefore a change was in need. John Manard Keynes created the Keynesian Economist model, which set the economy back out of depression and into and upward path. Keynes was a renovator of the economy and those assumptions stated in the above paragraph show how Keynes disagreed with the classical economist model.