John Maynard Keynes

Definition

Radical economist who believed that it was the responsibility of the government to use fiscal resources to counteract the effects of economic problems such as recessions. He has been hailed as one of the most influential economists of his time. His ideas and philosophies are still referred to in present day economic literature.

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I did not like John Maynard Keynes and thought that he did not know much about the economy or what to do.

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Due to John Maynard Keynes research it was believed that governments should get involved and help economies that were truffling.

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Friedman has been an important balance to the philosophy of John Maynard Keynes, yet it has been proven time and again that in some cases, the ability of government to influence the economy is essential for long-term stability and emergency response.

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