(economics) A prescriptive or normative economic stance according to which the state should actively stimulate economic growth and improve stability in the private sector through interest rates, taxation and public projects.

plural of Keynesianism

(economics) Of or pertaining to an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s, and extensively extended by a large body of followers before and after his death in 1946.

(economics) A proponent of Keynesian economic doctrine.

plural of Keynesian

(economics, derogatory) A type of Keynesianism that assumes homogeneous macroeconomic aggregates and uses that assumption in relation to the Phillips curve to exploit a trade-off between inflation and unemployment, typically prioritising low unemployment at the expense of higher inflation.

(economics) Advocating or pertaining to a macroeconomic synthesis between Keynesianism and neoclassical economics; often involving or preferring countercyclical stabilisation through monetary policy but favouring fiscal intervention at the zero lower bound.

An advocate of New Keynesian macroeconomics.

plural of New Keynesian