John Keynes

John Maynard Keynes was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. He is best known for his advocacy of government intervention in the economy during times of recession, a theory articulated in his seminal work, 'The General Theory of Employment, Interest, and Money' published in 1936. Keynesian economics emphasizes the role of aggregate demand in influencing economic output and employment. His ideas were instrumental during the Great Depression and influenced economic policies in many countries, leading to the establishment of welfare states and the concept of fiscal stimulus. Keynes is often regarded as one of the most influential economists of the 20th century.