John Maynard Keynes
A British economist, he advocated the use of monetary policies to mitigate economic recessions and depressions
Real World Example
John Maynard Keynes was a British economist who greatly influenced economic policies during the Great Depression. He advocated for government intervention to stabilize economies, which inspired parts of the New Deal in the United States from 1933 to 1940. His ideas mattered because they offered a new way to tackle economic downturns by suggesting that governments should spend money to create jobs and boost demand. Today, Keynes's legacy can be seen in how governments use fiscal policies to manage economic challenges, like during the 2008 financial crisis when many countries implemented stimulus packages. For example, if a government builds new roads or schools to create jobs during a recession, it's applying Keynesian economic principles to help improve the economy.
