John Maynard Keynes

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Definition of 'John Maynard Keynes'

John Maynard Keynes was a British economist who is considered to be one of the most influential economists of the 20th century. He is best known for his work on macroeconomics, particularly his theory of effective demand. Keynes argued that the level of economic output is determined by the level of aggregate demand, which is the total amount of spending in the economy. He also argued that the government can play a role in stimulating aggregate demand through fiscal policy, such as government spending and tax cuts.

Keynes's work had a profound impact on economic thinking and policy. His ideas were used to justify the expansionary fiscal policies that were adopted by many governments during the Great Depression. Keynes's work also influenced the development of the welfare state, which is a system of government-provided social benefits.

Keynes's work is still debated today. Some economists argue that his ideas are outdated and that they do not apply to the modern economy. Other economists argue that Keynes's ideas are still relevant and that they can be used to address the challenges facing the global economy today.

Keynes was a complex and controversial figure. He was a brilliant economist, but he was also a man of great personal contradictions. He was a pacifist who supported the war effort, and he was a supporter of free trade who advocated for government intervention in the economy. He was also a man of great wit and humor, and his writings are full of memorable quotes.

Keynes's work has had a lasting impact on the way we think about economics. He is one of the most important economists of the 20th century, and his ideas continue to shape economic thinking and policy today.

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