Keynesian economics (/ ˈ k eɪ n z i ə n/ KAYN-zee-ən; sometimes Keynesianism, named for the economist John Maynard Keynes) are various macroeconomic theories about how in the short run – and especially during recessions – economic output is…
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These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country.
