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Let& #39;s get one thing straight, right now, OK? #JohnMaynardKeynes was not a #socialist. He was a conservative economist called upon to develop govt policy during the Great WWI 1917 & into the Great Depression 1929 - 1936 with British world #capitalist establishment & #USPOD #FDR
He came up with clear thinking on how to deal with #depression. His model called #macroeconomics had nothing to do with the masses, unless of course you are referring to the ability of the poor to spend money on their #Consumption, given to us be their need to survive.
. #Macroeconomics was(is) a model of the economy that says if you want2 take on the inability of #capitalism to destroy itself from its basic #ripoffmentality which we are seeing so clearly at present you have to stand back & look at the economy as a whole, not its various parts.
And it says that a #nationstate& #39;s economy cannot be understood as a separate market, separate from others& #39;, but as part of a global whole with the ability to move its basic elements around the world to sidestep any attempt to control this #gluttony.
Of course the conservative #Keynes & his #Keynesian models didn& #39;t use that sort of loaded terminology, that comes from me, but you can see where I& #39;m coming from.
In fact the #macroeconomics #booksofaccount formula that #JohnMaynardKeynes gave us (in simplified format) Y=C+I+G+(X-M) is still the basis on which all governments understand the basic running of their economies. It the basic structure for the annual accounts.
What #Keynes gave us was a basic understanding that that set of books was not like a #capitalistentrepreneur& #39;s #booksofaccount. His formula was simply a way of understanding what needs to be done to control the economy; its impact over time. There& #39;s no need to balance those books
