<P> Growth economics studies factors that explain economic growth--the increase in output per capita of a country over a long period of time . The same factors are used to explain differences in the level of output per capita between countries, in particular why some countries grow faster than others, and whether countries converge at the same rates of growth . </P> <P> Much - studied factors include the rate of investment, population growth, and technological change . These are represented in theoretical and empirical forms (as in the neoclassical and endogenous growth models) and in growth accounting . </P> <P> The economics of a depression were the spur for the creation of "macroeconomics" as a separate discipline field of study . During the Great Depression of the 1930s, John Maynard Keynes authored a book entitled The General Theory of Employment, Interest and Money outlining the key theories of Keynesian economics . Keynes contended that aggregate demand for goods might be insufficient during economic downturns, leading to unnecessarily high unemployment and losses of potential output . </P> <P> He therefore advocated active policy responses by the public sector, including monetary policy actions by the central bank and fiscal policy actions by the government to stabilize output over the business cycle . Thus, a central conclusion of Keynesian economics is that, in some situations, no strong automatic mechanism moves output and employment towards full employment levels . John Hicks' IS / LM model has been the most influential interpretation of The General Theory . </P>

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