My OpenLearn Profile
- Personalise your OpenLearn profile
- Save your favourite content
- Get recognition for your learning
Economics and the 2008 crisis: a Keynesian view
This free course, Economics and the 2008 crisis: a Keynesian view, looks at how Keynes's theories revolutionised thinking about the causes of crises and unemployment. Keynes's thinking on how to reduce these problems was very influential with economists and policy makers for several decades following the 1930s. The economic downturn that started in 2008 led to a widespread revival of interest as economic conditions seemed to resemble those seen in the 1930s. This OpenLearn course on Keynes's ideas is therefore highly relevant to modern policy making, as well as being of historical interest.
Course learning outcomes
After studying this course, you should be able to:
- understand what economists mean by ‘models’ and how they can be used to inform economic policy
- define the concept of equilibrium and explain how it can occur at low levels of output
- begin to understand the Keynesian model of aggregate demand and how it explains why economies can get stuck in a low output equilibrium
- critically evaluate the role of fiscal policy in changing the economy.
You can start this course right now without signing-up. Click on any of the course content sections below to start at any point in this course.
If you want to be able to track your progress, earn a free Statement of Participation, and access all course quizzes and activities, sign-up.
- Learning outcomes
- 1 Keynes in context
- 2 Planned and actual values
- 3 The consumption function
- 4 Modelling equilibrium
- 5 When equilibrium is not enough
- 6 The aggregate demand model with government and fiscal policy
- 6.1 Government expenditure (1)
- 6.2 Government expenditure (2)
- 6.3 Government expenditure (3)
- 6.4 Government expenditure (4)
- 6.5 Government revenue and taxation
- 6.6 Stabilisation policy
- 6.7 Government debt and crowding out
- 6.8 Summary
- 7 Zooming in on firms
- 7.1 Facing the competition
- 7.2 Microeconomics – what is a firm?
- 7.3 Production cost
- 7.4 Cost curves
- Long run average cost (LRAC) curves
- Economies of scale
- Types of economies of scale (1)
- Types of economies of scale (2)
- Costs in the short run
- Short run average cost (SRAC) curves (1)
- Short run average cost (SRAC) curves (2)
- Fixed and variable costs
- Short run cost curves (1)
- Short run cost curves (2)
- Short run cost curves (3)
- Short run cost curves (4)
- Cost curve summary
- 7.5 Marginal cost curves
- 7.6 Using evidence
- 7.7 Summary
- 8 Conclusion
- Keep on learning
Create an account to get more
Track your progress
Review and track your learning through your OpenLearn Profile.
Statement of participation
On completetion of a course you will earn a Statement of participation.
Access all course activities
Take course quizzes and access all learning.
Review the course
When you have finished a course leave a review and tell others what you think.
Creative commons: The Open University is proud to release this free course under a Creative Commons licence.
However, any third-party materials featured within it are used with permission and are not ours to give away. These materials are not subject to the Creative Commons licence. See terms and conditions and our FAQs.
Full copyright details can be found in the Acknowledgements section of each week.
For further information, take a look at our frequently asked questions which may give you the support you need.Have a question?
Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has nearly 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.
Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.
About this free course
28 hours study
Level 2: Intermediate
Download this course
Free statement of participation on completion of these courses.