DEFINITION of 'Keynesian Economics'. An economic theory of total spending in the economy and its effects on output and inflation.Keynesian economics was developed by the British economist John Maynard Keynes during the 1930s in an attempt to understand the Great Depression.Keynes advocated increased government expenditures and lower taxes to stimulate demand and pull the global economy out of the Depression.eynesian economics was developed by the British economist John Maynard Keynes during the 1930s in an attempt to understand the Great Depression.
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Contribute to our Open Dictionary. 1  1. to make someone tired by forcing them to work too hard Synonyms and related words. To make someone tired:tire, exhaust, wear out... 2  2. to make someone pay more tax than is fair Synonyms and related words. Relating to tax and taxation:1099, allowance, audit...