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Debate: Keynesian economics

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Is Keynesian economic theory roughly accurate?

Background and context

"Keynesians view the economy as inherently unstable and blame inadequate demand for periods of stagnation. They recommend active government policy to respond to inflationary and recessionary gaps. They feel that changes in government spending can affect aggregate spending, real interest rates, and real output. Keynesians also believe that changes in the money supply have a relatively small and indirect effect on output"["Cracking the AP Economics Micro and macro Exams", 2010 Edition, The Princeton Review, by David Anderson, Ph.D.], and a very little effect on interest rates because the demand curve for money is relatively flat.

Additionally, the Keynesians typically blame the existence of unemployment and the inability of the economy to self-adjust to full-employment output largely on "sticky" wages, particularly in the downward direction.["Cracking the AP Economics Micro and macro Exams", 2010 Edition, The Princeton Review, by David Anderson, Ph.D.]

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