... and recession will occur. If there is a shortage of aggregate demand the government should step in, and increase it's own expenditure, the use of fiscal policy as an instrument of macroeconomics was the greatest legacy of Keynes. Although the implementation of Keynes ideas started to help his contribution to the development and growth in Europe and is mainly seen in around ... . The way in which these ideas have helped Europe can be seen today in its continuing economic growth and stability. "The General Theory", as it is known also founded modern macroeconomics, and virtually all of the...

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History of the Phillips Curve The Phillips Curve has been vital for over 25 years in macroeconomics models. The curve was named after A. W. Phillips that in 1958 gave the best repression of the modern formulation of the curve. The technical representation is that w = f(u) which is related to ... ...

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