Author Question: What does the phrase Keynesian revolution refer to? What will be an ideal ... (Read 26 times)

maychende · **on:** Jun 29, 2018

What does the phrase Keynesian revolution refer to?

What will be an ideal response?

Question 2

When is policy convergence, also known as Downsian policy convergence, likely to occur among political parties?

What will be an ideal response?

juicepod · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

The Keynesian revolution is the name given to the widespread acceptance during the 1930s and 1940s of John Maynard Keynes's macroeconomic model.

Answer to Question 2

Downsian policy convergence is likely to occur when the Median Voter Theorem applies and there is perfect political competition. There will be policy convergence among parties (or political candidates) competing for office: the parties will all run for office on a platform offering to implement the policy that is the political bliss point of the median voter. This policy convergence result was first noted by Anthony Downsand is sometimesreferred to as Downsian policy convergence.
A-head: CONFLICT OF INTEREST AND POLITICAL ECONOMY
Concept: Policy convergence to the median