John Maynard Keynes believed that a thriving economy is dependent on governmental intervention. In times of recess, the government should increase expenditure and and create jobs for people. I drove through an example of this principle applied as I went through Las Vegas on my way to go backpacking in Havasupai this summer. Any guesses? It's the Hoover Dam!
In the 1930's, President Hoover wanted to stimulate the economy and provide jobs for the Civilian Conservation Core. You can watch a really neat documentary about the Hoover Dam presented by PBS. I wouldn't find the code to embed it in my blog, but you can click here to watch it. The Hoover Dam is an excellent example of how the government provided jobs and stimulated the economy in a time of recession.
I thought it was interesting that in the Commanding Heights article it noted that Keynes' most influential work, The General Theory of Employment, Interest, and Money, was published in 1936. This was the year that the Hoover Dam was opened, as President Roosevelt dedicated it on September 30, 1935. It seems that Keynes idea was being put into action even as it was being formulated!
