Deficit spending

Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit: the opposite of budget surplus.^[1] The term may be applied to the budget of a government, private company, or individual. Government deficit spending was first identified as a necessary economic tool by John Maynard Keynes in the wake of the Great Depression.^[2] It is a central point of controversy in economics, as discussed below.

^ Brown-Collier, Elba K.; Collier, Bruce E. (March 1995). "What Keynes Really Said about Deficit Spending". Journal of Post Keynesian Economics. 17 (3): 341–355. doi:10.1080/01603477.1995.11490034. ISSN 0160-3477.
^ Niederjohn, M. Scoot (2011). Schug, Mark C.; Wood, William C. (eds.). Teaching economics in troubled times: theory and practice for secondary social studies, Chapter 2 John Maynard Keynes: Dead But Not Forgotten. New York: Routledge. ISBN 978-0-415-87771-8.

[1] Brown-Collier, Elba K.; Collier, Bruce E. (March 1995). "What Keynes Really Said about Deficit Spending". Journal of Post Keynesian Economics. 17 (3): 341–355. doi:10.1080/01603477.1995.11490034. ISSN 0160-3477.

[2] Niederjohn, M. Scoot (2011). Schug, Mark C.; Wood, William C. (eds.). Teaching economics in troubled times: theory and practice for secondary social studies, Chapter 2 John Maynard Keynes: Dead But Not Forgotten. New York: Routledge. ISBN 978-0-415-87771-8.

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