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Keynesian economics (Keynesianism) describes the economics theories from famous economist John Maynard Keynes.
Keynes believed that capitalism was a good economic system, but sometimes, when the economy becomes bad, the government should step in and do something about it.
These are called demand-side policies.
When the economy is bad, people tend to save their money instead of spend it, and in result there is less economic activity.
Keynes believed that the government should spend a lot of money (even if it has to borrow the money and go into debt) to create jobs for unemployed people, and then those people would spend their money, which would create more jobs and get the economy's motor running again.
Some people such as conservatives, libertarians, and people who believe in Austrian economics are against Keynesian economics because they believe the economy can recover on its own without government intervention.
During the late 1970's Keynesian economics became less popular because inflation was high.
When a big recession happened in 2007, Keynesian economics became more popular. Leaders around the world (including Barack Obama) created stimulus packages which would allow their government to spend a lot of money to create jobs.