Keynes' most influential work was in [[Macroeconomics]], where his model of the nation economy emphasized fiscal policy (government spending and taxation) as more useful than regulation or monetary policy. He thus offered a non-socialist solution to the [[Great Depression]]. The Keynesian solutions were not accepted for many years, then they were widely adopted in the 1950s in Britain and the United States. Their popularity peaked in the 1960s, just as they came under heavy criticism from [[Milton Friedman]] and other conservatives for their theoretical weaknesses, and their inability in practice to deal with the economic crises of the 1970s in which high unemployment, high inflation, and slow growth coexisted. | Keynes' most influential work was in [[Macroeconomics]], where his model of the nation economy emphasized fiscal policy (government spending and taxation) as more useful than regulation or monetary policy. He thus offered a non-socialist solution to the [[Great Depression]]. The Keynesian solutions were not accepted for many years, then they were widely adopted in the 1950s in Britain and the United States. Their popularity peaked in the 1960s, just as they came under heavy criticism from [[Milton Friedman]] and other conservatives for their theoretical weaknesses, and their inability in practice to deal with the economic crises of the 1970s in which high unemployment, high inflation, and slow growth coexisted. |