...but it doesn't solve the problem on how to navigate your way out of that forest.
If you are an economist, which I am not, you would know what Keynesian Economics are.. maybe even if you are a business major, or if you study the political sciences (which I haven't either).
Why should you understand Keynesian Economics?
- You probably shouldn't. What you could do, is learn a bit about what it is, and why our world still debates on the merits of them, and this could be part of the reason why there is economic turmoil around the world.
On a glance, Keynesian Economics can be explained on this wiki page
Quote: "Keynesian economics served as the standard economic model in the developed nations during the later part of the Great Depression, World War II, and the post-war economic expansion (1945–1973)"
Great, okay... so these economic models lead us out of the Great Depression... only to find ourselves back in the forest again. The reason why I use a forest to compare, is because the forest is a beautiful, yet treacherous and dangerous place.
It is easy to lose your path with intricate forest beauty, and discovery, but fail to sense immediate danger.
The world's economies are very intricate. People normally let other people worry about the layout of how they work, until immediate danger hits the common consumer.
Quote: "The advent of the financial crisis of 2007–08 caused a resurgence in Keynesian thought, which continues as new Keynesian economics."
Do you think that "new" Keynesian economic thought and theory is going to change your bank account balance anytime soon?
...of course not
Do you think that knowing that Keynesian Economics is out there, and it is not a tried and proven formula to solve the world's problems is still being used and debated daily? Sure...
Try to navigate the economic forest yourself -- and not wait for someone to mark the paths for you... That is something only a few are doing now, and I met one of them recently.
Once you realize that you, like most people, will remain locked in that forest unless you do something to change it for yourself... then that is when the lightbulb should go off in your head....
Q: @intelliguy, where did you discover Keynesian Economics, what discussion did you have that made you investigate this topic and share a bit of it with us?
A: See the comments area of my last blog post
Q: Can't you just tell us, instead of us having to investigate for ourselves?
A: No. That defeats the whole purpose of the point of this post. Learn to navigate the forest yourself. It's important that you rely on your own trial-by-error skill to do it.
Other people's roadmaps are helpful... but only the true navigator can find their destination by the type of journey they are willing to undertake.