Joan Robinson could be considered one of the most influential economists of the twentieth century. She was an economist at the University of Cambridge and a leading proponent of the Keynesian school of economics. Indeed, she was a central figure in what became known as post-Keynesian economics.
Keynesian economics focuses on the principle of effective demand and its impact on both the short and long-run equilibrium position of the economy. Proponents of this school argue that a competitive market economy does not have a natural tendency towards full employment and therefore government intervention is needed to stabilise the economy. Hence, the post-Keynesian school places much emphasis on John Maynard Keynes’s General Theory, published in 1936.
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