John Maynard Keynes (Keynesian Economics)

John Maynard Keynes was a British economist who developed Keynesian Economics, which suggests that during economic downturns, government intervention is essential to boost demand and stimulate growth. He argued that private sector activity alone might not always recover the economy quickly, so governments should use spending and taxation policies to manage economic fluctuations. By doing so, they can reduce unemployment and maintain stability. Keynes’s ideas revolutionized economic policy, emphasizing active government involvement in smoothing out recessions and promoting full employment, especially during periods of economic hardship.