Volume 73, #2

      “Economic Sciences: theory and practice” is scientific, refereed, biannual journal. The Journal of “Economic Sciences: theory and practice” has been founded by Azerbaijan State University of Economics in 1994.              
The Journal has been received to registration in the centre of international ISSN (International Standard Series Number, ISSN-2220-8739). Also, it has been included by the Supreme attestation Commission under the President of Azerbaijan Republic to the list of scientific publications on economic sciences.

About article

Noralv Veggeland, Professor of Public Policy, University College Lillehammer

Keynesianism is a national focused economic theory. The Keynesian theory builds on the assumption that prices and wages are sticky sizes evolves imbalance; high inflation or deflation follows. This in combination with various market crises, such as the current financial crisis, is suggesting that the market always fails, both in achieving full employment and avoiding crisis thataffects unemployment. Thus, keynesian argues that for an active state stabilization and labor market policy in the form of fiscal and monetary policies that can create just full employment and good business, which market deregulation and laissez-faire policies fail.

: Keynesianism; state intervention; business; neoliberal orthodoxcy; marketizing; social democracy.
JEL classification: E12