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Chapter 1: Q 15. (page 25)

How did John Maynard Keynes define economics?

Short Answer

Expert verified

John Maynard Keynes defines economics as a method of thinking rather than a doctrine.

Step by step solution

01

Step 1. Definition of Economics

Economics is the study of how humans make choices under conditions of scarcity. It deals with the consumption and production of goods and services. It also includes the knowledge of the transfer of wealth.

02

Step 2. The definition of economics according to John Meynard Keynes.

John Meynard Keynes stated economics as a method of thinking rather than a doctrine that draws conclusions for individuals. He said that economics teaches us how to think, and not what to think.

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Most popular questions from this chapter

Suppose, as an economist, you are asked to analyze

an issue unlike anything you have ever done before.

Also, suppose you do not have a specific model for

analyzing that issue. What should you do? Hint: What

would a carpenter do in a similar situation?

Why might Belgium, France, Italy, and Sweden have a higher export to GDP ratio than the United States?

What are three reasons to study economics?

Discuss each one of the following from the standpoints of equality and efficiency.

  1. “Everyone in the society should be guaranteed the best healthcare possible.”
  2. When workers are laid off, they should be able to collect unemployment benefits until they find a new job.”

Why is productivity important?

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