Table of ContentsIntroducciónKey PointsMacroeconomic ConceptsApplicationCritiqueComparison and ContrastConclusionReferencesIntroducciónThe selected theory is the Keynesian theory which is articulated in a news article published in the Washington Post. The news article published by Carter (2020) is titled “Trillion-Dollar Stimulus Isn’t About Cash.” It’s about restoring confidence in the system. It was released on March 18 to analyze the explanation of Keynesian theory in the coronavirus era. Zachary D. Carter is a senior reporter at Huff Post. He is also the author of the forthcoming biography "The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes." Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”?Get the original essayKey PointsThe article argues that the global economy is heading into an irreversible recession. The question, he said, is how much the recession will affect the economy, with millions losing their jobs, disrupted incomes and businesses closing their doors. The article builds on John Maynard Keynes' argument that the government should spend more money to counter the recession even if its budget deficits lead to additional borrowing (Carter, 2020). Currently, the world, including the US economy, will need enormous sums of money to help those facing enormous stress. It also focuses on Keynes' argument that economics is a large-scale therapy to calm anxious minds (Krugman et al., 2017). The world today needs a calming therapy in the era of the coronavirus pandemic. Carter (2020) continues to point out that Keynes was a prophet of numbers who explained that during the World War, businesses were not ready for sudden change. They did not know when the war would end and normal activities could resume. Likewise, businesses cannot currently estimate the impact that the coronavirus pandemic will have on them or for how long. Carter (2020) also argues that people cannot calculate their benefit or value if they do not see beyond the horizon. As such, the current pandemic requires the government to undertake various efforts to stimulate or restart the economy. Macroeconomic ConceptsCarter (2020) presents various macroeconomic concepts in the article by articulating their arguments from Keynes. One of the concepts is that the government must spend more money to revive the economy. It also identifies that government spending should be aimed at restoring peace of mind to citizens (Sebastiani, 2016). The article argues that even if businesses are in a state of panic, only the political class can lead people out of the crisis. One of their tactics would be to convince people that the situation will soon improve (Krugman et al., 2017). A reduction or elimination of anxiety would ensure that people do not make decisions based on fear. Another macroeconomic concept is that the government should increase spending by supporting needy families and businesses on the verge of bankruptcy. The objective is to increase spending and thus allow businesses to continue operating, reduce the unemployment rate and increase the circulation of money in the economy (Krugman et al., 2017). Carter (2020) argues that the private sector cannot lift the economy out of distress and therefore the government must intervene to relieve economic stress. The article states that the pandemic has led to disruption ofsupply and demand. Supply chains have been disrupted as demand continues to rise. Carter (2020) argues that it is the role of government to restore balance between supply and demand. One of the problems identified is the growing shortage of medical supplies needed to fight the pandemic. The article argues that the government's role is to build people's confidence, even if they find themselves facing enormous debt. Carter (2020) argues that an increase in confidence will ultimately take care of the economy's debt and budget deficits. For example, according to Keynes, the government should spend more money to save struggling businesses from total collapse (Michie, 2018). The aim is to ensure that distribution lines have not been affected and that there is sufficient supply of essential products. According to Carter's (2020) article, government intervention remains essential to boost a slowing economy. Keynes argued that active government intervention is important in times of recession. Carter (2020) argues that wages and job opportunities cannot support the economy and therefore more intervention is needed. He also asserts that no matter how corrupt governments are, they must create job opportunities and share prosperity with all. According to Murakami (2019), Keynesian theory states that if a government fails to create employment opportunities or restore its ability to purchase products and increase supply.ApplicationThe US government works according to Keynes' argument by ordering meat companies to keep their facilities open. to avoid a shortage of meat. This decision is made despite the high infection rate among meat companies which have recorded thousands of infections. Another attempt by the government is to reopen the economy to avoid further job losses and business collapse (Carter, 2020). States have outlined reopening strategies even though the risk of infection is still high in states like New York. The aim is to restore confidence which Keynes said was crucial to preventing an economy from entering recession. Review The article articulates various decisions that political leaders should make to restore people's confidence. However, some of Keynes' arguments do not bode well in the context of the current pandemic. In the 1920s, when over a million Britons were made redundant, it was important for politicians to urge people to remain hopeful (Murakami, 2019). However, Carter (2020) does not present an argument applicable to the current situation. The reason is that governments across all states are pushing for reopening while the risk is still high. Therefore, the risk could lead to a second wave of infection, which could have serious consequences for the population and the economy. It is also controversial because it argues that it is politicians who can lead people out of turmoil (Datta, 2020). However, most politicians act in ways that suggest they are preferable candidates in the next election. The decisions of political leaders are still tainted by the desire for re-election and therefore cannot be effective. In the last paragraph, the article is controversial because it offers no hope for the future. Carter's (2020) argument is that government should work to restore citizen trust. However, he ends by stating that in the long run, we are all dead and anything is possible. It is a weakness to conclude an article on Keynesian theory,.