I’m working on a Political Science exercise and need support.
In this week, we discussed Keynesian economic theory and its implications to specific conditions of economy. In tandem, many of you have pointed out in Week 3’s assignment (the most important issue for you as an effective altruist) that the global pandemic of COVID-19 drastically changed our factual and normative understandings of the economic decisions. It is indeed the time of great crisis, and it is not hard to find a news article that compares this financial crisis to other, previous economic predicaments in history.
Now that we are going through an extraordinary time, let us try to see what Keynes’s theory can tell us about today. Using your knowledge of Keynesian General Theory and your reading, evaluate how much his theory can stand. Do you think Keynes’s solution to the economy can still be applied to solving today’s financial hardships? Or do you think there is some important aspect that Keynes failed to see that his theory turns out to be less than useful for us today?
Freely write your response to Keynes, with logics and evidences to support your claim as always.
Word limit: 500 words (you do not have to fill up all 500 words. please stop at the point where you think your argument is sufficiently deployed.)
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