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John Maynard Keynes John Maynard Keynes, (5 June 1883?– 21 April 1946) was a British economist whose ideas have profoundly affected modern macroeconomics and social liberalism, both in theory and practice. He advocated interventionist economic policy, by which governments would use fiscal and monetary measures to mitigate the adverse effects of business cycles, economic recessions, and depressions. John Maynard Keynes His ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots. In the 1930s, Keynes spearheaded a revolution in economic thinking, overturning the older ideas of neoclassical economics that held that free markets would automatically provide full employment as long as workers were flexible in their wage demands. John Maynard Keynes Following the outbreak of World War II, Keyness ideas concerning economic policy were adopted by leading Western economies. During the 1950s and 1960s, the success of Keynesian economics was so resounding that almost all capitalist governments adopted its policy recommendations. In 1999, Time magazine included Keynes in their list of the 100 most important and influential people of the 20th century, commenting that; His radical idea that governments should spend money they dont have may have saved capitalism. John Maynard Keynes John Maynard Keynes Keyness influence waned in the 1970s, partly as a result of problems that began to afflict the Anglo-American economies from the start of the decade, and partly due to critiques from Milton Friedman and other economists who were pessimistic about the ability of governments to regulate the business cycle with fiscal policy. The Triumphant Return of John Maynard Keynes Joseph E. Stiglitz 2008-12-05 We are all Keynesians now. Even the right in the United States has joined the Keynesian camp with unbridled enthusiasm and on a scale that at one time would have been truly unimaginable. The Triumphant Return of John Maynard Keynes Jose
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