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Definition
An alternative approach refers to a different method or strategy that can be used as an alternative to the current one. In this context, it would mean a different approach to fiscal policy that could have been followed instead of Keynesian economics.
Related terms
Monetarism: Monetarism is an economic theory that suggests controlling the money supply is crucial for managing inflation and stabilizing the economy.
Supply-side economics: Supply-side economics focuses on policies that aim to stimulate economic growth by boosting production and reducing barriers for businesses.
Austrian economics: Austrian economics emphasizes individual behavior and market forces as key drivers of economic activity, advocating for limited government intervention and free markets.
