Question

Who was John Maynard Keynes?

Answer 1

J.M. Keynes was a British economist of the 20th century whose ideas have profoundly influenced the theory and practice of Modern Macroeconomics.

He is widely considered to be one of the founders of Modern Macroeconomics. His writings resulted in a new school of thought, known as Keynesian economics.

He was stimulated by the need to explain and then solve the high unemployment problems faced by the advanced capitalist countries in the 1930s. His best known work is General Theory of Employment, Interest and Money, popularly known as the General Theory.

In his General Theory, he explained the causes of cyclical unemployment. He advocated fiscal and monetary measures to cure unemployment. He argued that full employment could be maintained only with the help of government spending on public works and deficit spending.