John Maynard Keynes (Economist)

John Maynard Keynes was a British economist whose ideas revolutionized economic theory, especially during the 20th century. He argued that government intervention is essential during economic downturns to stimulate demand and boost employment. In his seminal work, "The General Theory of Employment, Interest, and Money," published in 1936, Keynes challenged classical economics, suggesting that during recessions, people save more, reducing overall spending. He advocated for policies like public spending and monetary easing to revive economies, laying the groundwork for modern macroeconomic theory and influencing policies in response to the Great Depression and beyond.