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To my amazement serves as a natural debating point that "justifies" or "refutes" various economic policies. and the New Deal are complex topics that are open to many interpretations. The Great Depression was the worst economic slump ever in ....

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... Keynes is known as the "father of modern economics" because he was the first to accurately describe some of the causes and cures for recessions and depressions. In a normal economy, Keynes said, there is a circular flow of money. My spending becomes part of your earnings, and your spending becomes part of my earnings. For various reasons, however, this circular flow can falter. People start hoarding money when times become tough; but times become tougher when everyone starts hoarding money. This breakdown results in a recession. To get the circular flow of money started again, Keynes suggested that the central bank, the Federal Reserve S ...