Questions what is the main features of the socialist economy?

130. Keynes' economic views
Key words: Fiscal Policy, multiplier effect, aggregate demand
In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. Instead, it is influenced by a host of factors. According to Keynes, the productive capacity of the economy sometimes behaves erratically, affecting production, employment, and inflation.
In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy.
The mechanism that can give rise to a multiplier effect is that an initial incremental amount of spending can lead to increased income and hence increased consumption spending, increasing income further and hence further increasing consumption, etc., resulting in an overall increase in national income greater than the initial incremental amount of spending.
131. Keynesian doctrine
Key words: definition, main aspects, inflation rate of unemployment
Keynesian economics is a theory that says the government should increase demand to boost growth. 1 Keynesians believe consumer demand is the primary driving force in an economy. As a result, the theory supports the expansionary fiscal policy.
132. Schumpeter's economic views
Key words: his works, Business cycles, Democratic theory
Schumpeter is best known for his 1942 book Capitalism, Socialism, and Democracy as well as the theory of dynamic economic growth known as creative destruction. He is also credited with the first German and English references to methodological individualism in economics.
133. The teachings of Hayek
Key words: Education, classical liberalism, Criticism of collectivism
Friedrich Hayek believed that the prosperity of society was driven by creativity, entrepreneurship and innovation, which were possible only in a society with free markets. He was a leading member of the Austrian School of Economics, whose views differed dramatically from those held by mainstream theorists