It is almost wholly theoretical, enlivened by occasional passages of satire and social commentary.
Although the term has been used and abused to describe many things over the years, six principal tenets seem central to Keynesianism. In fact, Keynesians typically see unemployment as both too high on average and too variable, although they know that rigorous theoretical justification for these positions is hard to come by.
If both types of economists were equated to motorists, monetarists would be most concerned with adding gasoline to their tanks, while Keynesians would be most concerned with keeping their motors running.
When effective demand is up, businesses are profitable and employment is high. Meanwhile, unemployment shrank to 1 percent. No policy prescriptions follow from these three beliefs alone.
It gives a justification, however, for population control policies to tackle the problem of excess labour supply in the longer run.