John M. Keynes (Economist)

John Maynard Keynes was a British economist whose ideas profoundly changed how we understand economic policy and the role of government in the economy. He argued that during times of economic downturns, active government intervention is necessary to boost demand and reduce unemployment. His most famous work, "The General Theory of Employment, Interest and Money," published in 1936, emphasized the importance of consumer spending and investment. Keynesian economics advocates for fiscal policies, such as increased public spending, to stimulate economic growth, especially during recessions, contrasting with classical economic theories that favored minimal government involvement.