Autonomous Quote by John Kenneth Galbraith
“Broadly speaking, Keynesianism means that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences.”
About This Quote
Source Book: The Affluent Society, 1958
Keynesianism holds that government must actively manage demand, stimulating during recessions and restraining during booms.
In simple terms: Government should adjust spending to stabilize the economy.
Key Takeaway
Use fiscal policy to smooth economic cycles.
Themes
economics
government
policy
macroeconomics
keynesian theory
Mood
analytical
balanced
instructive
Type
economic
policy
theoretical
When to use this quote
- recession response
- boom control
- budget planning
- public investment
Key Concepts
aggregate demand
counter‑cyclical spending
economic stabilization
Questions to Reflect On
- What fiscal tools best address modern recessions?
- How can policymakers avoid over‑correction in booms?
A Different Perspective
Implementation can be delayed by political gridlock, reducing effectiveness.
