J.M. Keynes
John Maynard Keynes was a British economist whose ideas significantly changed economic theory and policy in the 20th century. He argued that government intervention is necessary during economic downturns to stimulate demand, suggesting that increased public spending and lower taxes can help revive economies. His key work, "The General Theory of Employment, Interest, and Money," emphasized the role of uncertainty and consumer confidence in economic cycles. Keynes’ theories laid the groundwork for modern macroeconomics and influenced policies during the Great Depression, promoting the idea that active government participation can stabilize the economy and promote growth.
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John Maynard Keynes was a British economist whose ideas fundamentally changed economic theory and policy in the 20th century. He argued that during times of economic downturn, government intervention is necessary to stimulate demand and encourage growth. His most famous work, "The General Theory of Employment, Interest and Money," published in 1936, emphasized the importance of government spending to boost economic activity and reduce unemployment. Keynesian economics influenced policies during the Great Depression and shaped modern macroeconomic thought, advocating for a mixed economy where both the private sector and government play vital roles in economic stability.