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Comment briefly on the view that their disagreements are as much a matter of ideology as of economics. John Maynard Keynes, who published “The General Theory of Employment, Interest and Money” in 1936, founded Keynesian Theory. During the 1930s the Classical economic theory failed to state the reasons for the economic problems in the great depression. They could not explain why the economy settled into equilibrium at a high rate of unemployment. While Keynes was convinced that because of imperfect markets a modern economy could be at equilibrium at any rate of unemployment. “[T]he postulates of classical theory are applicable to a special case only and not the general case, the situation which it assumes being a limiting point of the possible positions of equilibrium. Keynes concluded that an active fiscal policy is necessary to reduce high rates of unemployment. Throughout the 1960s and 1970s economists started to critique the Keynesian Theory and propounded a theory that stressed the efficiency of the free-market mechanism and the overriding importance of the money supply in economic policy. The monetarist concepts were originated from the Classical economics but they modified some of the Classical views.

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