Essay: Classical or Kenyan Approach to Economic Thinking

Sample Essay

My views given in the last section apply clearly to the Keynesian theory of economics. Classical economists usually believe that the marketplace will be able to regulate itself in different economic conditions. While Keynesian economists consider that the government must pace up their strategies for the betterment of the economy (Backhouse, Dudley-Evans, & Henderson, 1993). The two theories also provide totally incomparable views on the issue of unemployment as well.

Classical economists consider that if the financial system were left on its own, it would regulate to arrive at stability in pay for workers and the financial system would be at full service while the Keynesian economist thinks the other way round.  This theory states that the free markets have no sense to balance their condition on their own and if the government wants they can lead to full employment. Keynesian economists advise and give good reason for a government’s interference in the financial system through community policies that aspire to attain complete employment and stability of prices. The Keynesian ideas have heavily influenced governments worldwide in achieving full employment and proper spending (Backhouse, Dudley-Evans, & Henderson, 1993).

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