John Maynard Keynes

John Maynard Keynes was a renowned British economist who made a significant contribution to economic theory and policy. Born in 1883, he studied at King’s College, Cambridge, where he later became a professor. Keynes gained prominence for his influential book “The General Theory of Employment, Interest, and Money,” published in 1936. He argued that government intervention in the economy, through fiscal and monetary policies, was necessary to prevent or mitigate economic recessions and high unemployment rates. Keynesian economics, as it became known, challenged the prevailing orthodox classical economic theory of the time. Keynes was a key figure in shaping economic policies during the Great Depression and the post-World War II era. He also played a crucial role in the establishment of the International Monetary Fund and the World Bank. John Maynard Keynes passed away in 1946, leaving behind a substantial legacy that continues to have a profound impact on modern economic thinking and policy-making.