Keynesian economics gets its name from the 20th-century English economist John Maynard Keynes.

Based on their premise that private sector decisions lead to inefficient macroeconomic outcomes, Keynesian economists advocate for the intervention of the public (or state) sector through fiscal and monetary actions. They believe that state intervention will lead to more stability in markets and ultimately a more efficient allocation of resources.

Austrian economists see the implementation of Keynesian hypotheses as a primary cause of destructive market cycles and damaging misallocation of resources.