Keynesian economics ( pronounced /ˈkeɪnzjən/), also called Keynesianism, or Keynesian Theory, is an economic theory based on the ideas of 20th century British economist John Maynard Keynes (pictured). Keynesian economics promotes a mixed economy, where both the state and the private sector play an important role. Keynesian economics differs markedly from laissez-faire economics (economic theory based on the belief that markets and the private sector operate well on their own, without state intervention).

In Keynes's theory, general ( macro-level) trends can overwhelm the micro-level behavior of individuals. Instead of the economic process being based on continuous improvement in potential output, as most classical economists had believed from the late 18th century on, Keynes asserted the importance of aggregate demand for goods as the driving factor of the economy, especially in periods of downturn. From this he argued that government policies could be used to promote demand at a macro level, to fight high unemployment and deflation of the sort seen during the 1930s. A central conclusion of Keynesian economics is that there is no strong automatic tendency for output and employment to move toward full employment levels. This conclusion conflicts with the tenets of classical economics, and those schools, such as supply-side economics or the Austrian School, which assume a general tendency towards a welcome equilibrium in a restrained money-creating economy. In neoclassical economics, which combines Keynesian macro concepts with a micro foundation, the conditions of General equilibrium allow for price adjustment to achieve this goal.

The economy of Sweden is a highly developed export-oriented economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade. The main industries include motor vehicles, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home goods and appliances, forestry, iron, and steel. Traditionally, Sweden relied on a modern agricultural economy that employed over half the domestic workforce. Today Sweden further develops engineering, mine, steel, and pulp industries, which are competitive internationally, as evidenced by companies such as Ericsson, ASEA/ ABB, SKF, Alfa Laval, AGA, and Dyno Nobel.

Sweden is a competitive open mixed economy. The vast majority of Swedish enterprises are privately owned and market-oriented. There is also a strong welfare state, with public-sector spending accounting up to three-fifths of GDP. In 2014, the percent of national wealth owned by the government was 24%. ( Full article...)

"The laws of economics are to be compared with the laws of the tides, rather than with the simple and exact law of gravitation. For the actions of men are so various and uncertain, that the best statement of tendencies, which we can make in a science of human conduct, must needs be inexact and faulty. This might be urged as a reason against making any statements at all on the subject; but that would be almost to abandon life. Life is human conduct, and the thoughts and emotions that grow up around it. By the fundamental impulses of our nature we all—high and low, learned and unlearned—are in our several degrees constantly striving to understand the courses of human action, and to shape them for our purposes, whether selfish or unselfish, whether noble or ignoble. And since we must form to ourselves some notions of the tendencies of human action, our choice is between forming those notions carelessly and forming them carefully. The harder the task, the greater the need for steady patient inquiry; for turning to account the experience, that has been reaped by the more advanced physical sciences; and for framing as best we can well thought-out estimates, or provisional laws, of the tendencies of human action.

The term "law" means then nothing more than a general proposition or statement of tendencies, more or less certain, more or less definite. Many such statements are made in every science: but we do not, indeed we can not, give to all of them a formal character and name them as laws. We must select; and the selection is directed less by purely scientific considerations than by practical convenience. If there is any general statement which we want to bring to bear so often, that the trouble of quoting it at length, when needed, is greater than that of burdening the discussion with an additional formal statement and an additional technical name, then it receives a special name, otherwise not."

— Alfred Marshall, Principles of Economics, 1890

• ... that the economy of Tolkien's Middle-earth has been described as a mix of feudalism and capitalism, with one scholar even suggesting it had communist elements?
• ... that Gerald Willis, after working as a bus driver at age 15, started a business that earned $2 million per year and built a replica of the Hermitage after watching The President's Lady?
• ... that Eliane Capobianco's election to the Bolivian Constituent Assembly reflected the propensity of the country's agribusiness elites to occupy positions that granted them influence over land reform policy?
• ... that the Lebon Patisserie & Café in Istanbul closed in 2022, after 212 years of business, due to the high increase of monthly rent?
• ... that after Lew Dickey Sr. broke into the radio business by buying a station in West Virginia, his son would go on to own Cumulus Media?
• ... that Harry Steele purchased the Albatross Hotel in a bankruptcy sale and ultimately owned it for over half a century until his death?

April 19:

• 1958 - Denis O'Brien, an Irish businessman, founder of BT Ireland, was born on this day.

• ...that Robert Solow, a Nobel Laureate American economist, was awarded the National Medal of Science in 1989 for "his creation of the modern framework for analyzing the effects of investment and technological progress on economic growth"?

• ... that David Ricardo formulated the principle of comparative advantage in his " On the Principles of Political Economy and Taxation" book?

• ... that the Heckscher–Ohlin model was developed by Bertil Ohlin in 1933?

• ... that the term lean manufacturing was coined in the book The Machine that Changed the World?

• ... that the Nobel Memorial Prize in Economic Sciences was not created by the will of Alfred Nobel?

• ... that the Federal Reserve System was created in the aftermath of the panic of 1907?

• ... that Manufacturing resource planning was developed at IBM?

Wikinews Economy and business portal

• July 21: Technological University Dublin senior lecturer Dr Lorcan Sirr speaks to Wikinews on housing market in Ireland
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• June 30: 'Each makes the other more difficult to recover from': University of Sussex professor L. Alan Winters speaks to Wikinews on trade, COVID-19, Brexit
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• April 23: Irish Finance Minister Donohoe criticises OECD's global minimum corporate tax rate
• April 17: People protest in Berlin against German Court overturning five-year rent cap
• March 5: Chancellor Rishi Sunak announces UK budget 2021
• February 10: Disney to shut down Blue Sky Studios, animation studio behind 'Ice Age'
• January 24: World Trade Organization declares US tariff hike illegal, rules in South Korea's favour