Who Was John Maynard Keynes & What Is Keynesian Economics?
John Maynard Keynes was an early 20th-century British economist, best known as the founder of Keynesian economics and the father of modern macroeconomics. One of the hallmarks of Keynesian economics is the idea that governments should actively try to influence the course of economies, especially by increasing spending to stimulate demand in the face of recession. In his seminal work, "The General Theory of Employment, Interest, and Money"—considered one of the most influential economics books in history—Keynes advocated for government intervention as a solution to high unemployment.Key TakeawaysBritish economist John Maynard Keynes was the founder of Keynesian economics.Keynesian economics argues that demand drives supply.To create jobs and boost consumer buying power during a recession, Keynes held that governments should increase spending, even if it means going into debt.Critics attack Keynesian economics for promoting deficit spending, stifling private investment, and causing infla...