The Handy History Answer Book by Stephen A. Werner

Author:Stephen A. Werner
Language: eng
Format: epub, pdf
Publisher: Visible Ink Press
Published: 2020-10-14T16:00:00+00:00

Considered the founder of modern macroeconomics thought, John Maynard Keynes (pictured here with Russian ballerina Lydia Lopokova) was originally a mathematician, but he became the most influential economist of the twentieth century.

What is Keynesian economics?

Keynesian economics is the collected theories of British economist and monetary expert John Maynard Keynes (1883–1946), who in 1935 published his landmark work, The General Theory of Employment, Interest and Money. A macroeconomist (he studied a nation’s economy as a whole), Keynes departed from many of the concepts of a free-market economy. In order to ensure growth and stability, he argued that government needs to be involved in certain aspects of the nation’s economic life. He believed in state intervention in fiscal policies, and, during recessionary times, he favored deficit spending, the loosening of monetary policies, and government public works programs (such as those of President Franklin D. Roosevelt’s New Deal) to promote employment.

How is the name of Keynes pronounced?

“Keynes” is usually pronounced “KAYNZ”; and “Keynesian” is usually pronounced “KAYN-zee-in.”

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