John Maynard Keynes

John Maynard Keynes was a British economist whose ideas revolutionized economic thought, particularly during and after the Great Depression. He advocated for government intervention in the economy to manage demand and reduce unemployment, opposing pure free-market approaches. His work also delved into statistical analysis and probability, emphasizing uncertainty's role in economic decisions. Keynes challenged classical economics, arguing that markets do not always self-correct. His contributions laid the foundation for modern macroeconomics, influencing economic policy and theory in liberal and social democratic contexts, focusing on the importance of managing economic fluctuations for societal welfare.