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What Was Keynes' Explanation for High Levels of Unemployment in the 1920s

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Essay

What was Keynes' explanation for high levels of unemployment in the 1920s & 1930s? How did this challenge neoclassical theory at that time?


Definitions:

Waived Right

A legal concept where an individual voluntarily relinquishes a known right, claim, or privilege, often through explicit declaration or by actions implying the abandonment of such right.

Late Deliveries

Instances where goods or services are provided after the expected or agreed upon delivery time, potentially causing inconvenience or breach of contract.

Cancel Contract

The act of legally terminating a contract, releasing both parties from their obligations under the contract.

Doctrine

A principle or body of principles held by a legal, political, or philosophical system, often serving as a guideline for decision-making.

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