John Maynard Keynes was an economist born in 1883 who’s ideas fundamentally changed the theory and manner is which macroeconomic practise and policy is conducted. His primary research delved into the effect of government spending on inflation, output and employment, especially in weak economic periods such as during a recession and depression. Keynesian economics is considered a “demand-side” theory that focuses on the dynamic changes of an economy in the short run as aggregate demand stimulation is the primary intention of the theory.

Following the Great Depression, Keynes felt that the pre-existing “classical economics” wasn’t effective in guiding policy makers…


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