This free course, Economics and the 2008 crisis: a Keynesian view, looks at how Keynes's theories revolutionised thinking about the causes of crises and unemployment. Keynes's thinking on how to reduce these problems was very influential with economists and policy makers for several decades following the 1930s. The economic downturn that started in 2008 led to a widespread revival of interest as economic conditions seemed to resemble those seen in the 1930s. This OpenLearn course on Keynes's ideas is therefore highly relevant to modern policy making, as well as being of historical interest.
Overview
Syllabus
- Introduction
- Learning outcomes
- 1 Keynes in context
- 1 Keynes in context
- 2 Planned and actual values
- 2 Planned and actual values
- 3 The consumption function
- 3 The consumption function
- 3.1 Building a consumption function (1)
- 3.2 Building a consumption function (2)
- 3.3 Building a consumption function (3)
- 4 Modelling equilibrium
- 4 Modelling equilibrium
- 4.1 Modelling planned saving (1)
- 4.2 Modelling planned saving (2)
- 4.3 Modelling planned investment
- 4.4 And so to equilibrium
- 5 When equilibrium is not enough
- 5 When equilibrium is not enough
- 5.1 Underemployment equilibrium
- 6 The aggregate demand model with government and fiscal policy
- 6 The aggregate demand model with government and fiscal policy
- 6.1 Government expenditure (1)
- 6.2 Government expenditure (2)
- 6.3 Government expenditure (3)
- 6.4 Government expenditure (4)
- 6.5 Government revenue and taxation
- Taxation and the circular flow of income
- A tax-modified multiplier
- A tax-cutting fiscal stimulus
- 6.6 Stabilisation policy
- 6.7 Government debt and crowding out
- The debt problem
- Balancing the budget
- Keynes and government debt
- When is debt high?
- Crowding out
- 6.8 Summary
- 7 Zooming in on firms
- 7 Zooming in on firms
- 7.1 Facing the competition
- Firms in Italy and Germany
- 7.2 Microeconomics – what is a firm?
- Butchers, bakers and candlestick makers
- Defining a firm
- 7.3 Production cost
- Production: offshoring and outsourcing
- Economists and time
- 7.4 Cost curves
- Long run average cost (LRAC) curves
- Economies of scale
- Types of economies of scale (1)
- Types of economies of scale (2)
- Costs in the short run
- Short run average cost (SRAC) curves (1)
- Short run average cost (SRAC) curves (2)
- Fixed and variable costs
- Short run cost curves (1)
- Short run cost curves (2)
- Short run cost curves (3)
- Short run cost curves (4)
- Cost curve summary
- 7.5 Marginal cost curves
- Average cost and marginal costs (1)
- Average cost and marginal costs (2)
- Calculating marginal cost
- 7.6 Using evidence
- Cost of producing a pint
- Labour and fixed cost
- Cost of inputs
- Profits and cost
- 7.7 Summary
- 8 Conclusion
- 8 Conclusion
- References
- Acknowledgements
