ABSTRACT
John Maynard Keynes’s The General Theory of Employment, Interest and Money changed the study and implementation of economics and provided academic support for a drastic expansion of government involvement in the economy. Keynes’s work emerged in opposition to classical or neoclassical economics. The “neoclassical synthesis” emerged after World War II as an attempt to incorporate Keynes’s ideas into neoclassical economics. Microeconomics, or the study of individuals and small organizations in an economy, has been dominated by neoclassical thought. After World War II, Keynesian economics came to dominate economic policymaking. Economic policymaking has gone through various cycles over the years, but Keynes has cast a long shadow over the field. Keynesianism remains one of the main schools of economic thought. The ideas that began with the publication of The General Theory have been expanded, debated, reviewed, reformed, renewed, and continued.
