On December 31, 1933, the English economist John Maynard Keynes contributed an open letter to the New York Times addressing the President.
"You have made yourself the trustee for those in every country who seek to mend the evils of our condition by reasoned experiment within the framework of the existing social system. If you fail, rational change will be gravely prejudiced throughout the world, leaving orthodoxy and revolution to fight it out."
GUIDING QUESTIONS: Gather information the first day to formulate the essential question answer for your paper
- What is Keynesian economic theory?
- Why do Keynesians believe the government should spend during a depression or recession?
- What are the intended effects of government spending during a depression or recession
- What actions did Roosevelt take that were an application of Keynesian theory? What actions has Obama taken that can be considered Keynesian (Stimulus plan, bail-outs, etc.)?
Essential Question: Your paper will answer these questions: In your opinion, how effective was the Keynesian theory during Roosevelt's time in office? Has Obama used Keynesian theory? Has it been effective?
Please keep track of the sources you use (NoodleBib)
Websites to help you define and learn about Keynesian Economics:
- The New York Times introduces you to John Maynard Keynes and explains his theory. (note there are additional links at the end of this article)
- An article from American History: "A Short History of Debt" (MARVEL > Masterfile Premier > type in this title to search)
- Journal of American History "Consuming Relief: Food Stamps and the New Welfare of the New Deal" (MARVEL > Masterfile Premier > type in this title to search)
- There are many more articles in MARVEL. Find by searching for the subject "Keynesian Theory" and "Great Depression" You can also use One Search on the main page. Type in: Keynesian Economics and Great Depression. I will show you how to limit your search.