Home › Tamil Nadu HSC (Class 12) › Economics › Introduction to Macro Economics › Who is regarded as the Father of Modern Macro Ec…
Who is regarded as the Father of Modern Macro Economics?
ARagnar Frisch
BJ. M. Keynes
CAlfred Marshall
DSimon Kuznets
Answer & Solution
Correct answer: B. J. M. Keynes
1. Macro economics in its modern form began with John Maynard Keynes.
2. His book, The General Theory of Employment, Interest and Money, was published in 1936.
3. Keynes offered an explanation for the fallout from the Great Depression, when goods remained unsold and workers unemployed.
4. For this reason the textbook regards Keynes as the Father of Modern Macro Economics, while Frisch is credited only with coining the terms.
_Source: TN HSC Class 12 Economics (Samacheer Kalvi, Govt of Tamil Nadu), Ch 1 "Introduction to Macro Economics", §1.1_
Related questions
In the circular flow diagram, what do the outer and inner circles respectively represent?Globalism, the ideology connecting nations through international trade, is also termed:A socialist economy is also known by which other names?The limitation of macro economics captured by the phrase 'what is good for an individual nIn a capitalist economy, which mechanism does the textbook describe as the heart of the syThe three-sector circular flow model represents which kind of economy?Which circular flow model represents an open economy, and what is its income identity?The two sectors in a two-sector circular flow model are: