The Great Depression Led to the Development of Keynesian Economics

question 8

Essay

The Great Depression led to the development of Keynesian economics.
What does this approach argue?

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Definitions:

Learned Helplessness

A state where someone feels incapable of controlling their life, often due to a traumatic experience or repeated failures.

Attributional Explanation

The analysis and reasoning behind attributing specific causes or factors to behaviors and outcomes, explaining why something happened.

Negative Attributions

The tendency to explain one's own or others' behaviors with negative causes, often leading to blame and a pessimistic outlook.

Western Individualism

A cultural value commonly found in Western societies that emphasizes individual freedom, self-expression, and personal independence over collective goals.