▁ ▁The ▁basic ▁ideas ▁behind ▁the ▁White ▁P aper ▁were ▁those ▁set ▁out ▁by ▁John ▁May n ard ▁Ke yn es ▁in ▁his ▁ 1 9 3 6 ▁work , ▁The ▁General ▁Theory ▁of ▁Emp loyment , ▁Interest ▁and ▁M oney . ▁Ke yn es ’ ▁ne oc lass ical ▁contempor aries , ▁ ▁argued ▁that ▁the ▁economy ▁was ▁naturally ▁self - correct ing . ▁Unless ▁real ▁w ages ▁were ▁held ▁above ▁their ▁market ▁level ▁by ▁union ▁action ▁or ▁government ▁reg ulation , ▁un emp loyment ▁could ▁only ▁be ▁a ▁short ▁run ▁phenomen on . ▁The ▁ne oc lass ical ▁econom ists ▁drew ▁the ▁same ▁conclusion ▁as ▁that ▁of ▁the ▁fundamental ists ▁today ▁— ▁that ▁government ▁action ▁to ▁reduce ▁un emp loyment ▁could ▁only ▁make ▁matters ▁worse ▁in ▁the ▁long ▁run . ▁Ke yn es ’ ▁first , ▁and ▁perhaps ▁most ▁important , ▁contribution ▁was ▁to ▁show ▁that ▁the ▁economy ▁could ▁remain ▁at ▁high ▁levels ▁of ▁un emp loyment ▁for ▁in defin ite ▁periods ▁in ▁the ▁absence ▁of ▁government ▁action . ▁ ▁As ▁well ▁as ▁demonstr ating ▁the ▁possibility ▁of ▁un emp loyment ▁in ▁equilibrium , ▁Ke yn es ▁provided ▁an ▁analysis ▁of ▁the ▁causes ▁of ▁periodic ▁un emp loyment ▁and ▁the ▁basis ▁for ▁a ▁policy ▁response . ▁Ke yn es ▁argued ▁that ▁re cess ions ▁and ▁de press ions ▁occurred ▁because ▁the ▁economy ▁was ▁dest abil ised ▁by ▁fl uct u ations ▁in ▁private ▁demand , ▁and ▁particularly ▁in ▁levels ▁of ▁invest ment . ▁To ▁simplify , ▁the ▁rem edy ▁he ▁advoc