John M. Keynes

John M. Keynes was a prominent British economist whose ideas transformed economic thought and policy. He emphasized that, during downturns, governments should actively intervene by increasing public spending and lowering taxes to stimulate demand and boost employment. His approach, known as Keynesian economics, challenges the idea that markets always self-correct quickly. Instead, he believed government action is essential to prevent prolonged recessions and maintain economic stability. His work laid the foundation for modern macroeconomics and influenced policies worldwide, especially during economic crises like the Great Depression.