History of Macroeconomics oIn 1936, John Maynard Keynes published The General Theory ofEmployment, Interest, and Money. o Keynes believed governments could intervene in the economy and affect the level of output and employment. Fine-tuning was the phrase used to refer to the government's role in regulating inflation and unemployment.History of Macroeconomics In 1936, John Maynard Keynes published The General Theory of Employment, Interest, and Money. Keynes believed governments could intervene in the economy and affect the level of output and employment. Fine-tuning was the phrase used to refer to the government’s role in regulating inflation and unemployment