In 1936 the famous mathematician John Maynard Keynes wrote The General Theory of Employment, Interest, and Money, the most influential book in western economic thought. Keynes presented powerful economic theories which brought about the adaptation of macroeconomic modeling and the aggregation of demand and supply preferences. This would allow for the central bank and congress to better temper market swings. It is important to recognize this book was published proceeding the Great American Depression as well as severe economic downturn in Germany and Britain. Thus making authorities very receptive to the adaptation of macroeconomic policy. However, one must recognize that over these eighty years of applying "growth stimulating" policy, western markets have still experienced heavy recessions and with greater frequency. This begs the question then, why do authorities still apply these methods of economic manipulation? One might guess that statisticians and economist bureaucrats could be reluctant to relinquish their role of ameliorating economic bubbles and bursts. This means of market manipulation would still be exercised even after the Great Depression receded, no matter the necessity of the regulation. The general philosophy that Keynes shares is that a capitalist system must be tempered and should not operate under an entirely unfettered pretense.

During this period in history there were other economists publishing theories which stated that economic bursts were a symptom of too much credit expansion by the Federal Reserve, as well as an over reliance on economic modeling. These theories were ignored however, largely because they required a smaller government role within the economy. One must question why ineffective methods are still being applied, and why the erroneous nature of these policies is not being addressed in the modern political sphere.