John Maynard Keynes
John Maynard Keynes was a British economist whose ideas transformed modern economic policy.
He argued that governments should increase spending during recessions to stimulate demand and reduce unemployment—a sharp break from classical economics.
His 1936 work *The General Theory of Employment, Interest and Money* laid the foundation for what became Keynesian economics.
The adjective Keynesian describes policies or economists following his approach: Keynesian stimulus spending, a Keynesian economist.
University city, two countries
- Bloomsbury GroupEdwardian artistic-literary collective
- EtonElite English boarding school
- King's CollegeCambridge university college
- BloomsburyCentral London district
Virginia Woolf · E.M. Forster · Sussex · London · Versailles Treaty · World War I · peerage · Liberal Party
State allocation of funds
- multiplier effectHow spending compounds economically
- deficit spendingExpenditures funded by debt
- demand-sideEmphasizing consumer spending
- economic stimulusMeasures to revive economy
public works · animal spirits · full employment · pump priming
Economy's periodic ups and downs
- recessionProlonged economic decline
- depressionProlonged low state
- boomLoud deep sound
- national incomeCountry's total earnings
GDP · unemployment · inflation · deflation · monetary policy · fiscal policy · central bank · economic growth
Cambridge
University city, two countries
- Bloomsbury GroupEdwardian artistic-literary collective
- EtonElite English boarding school
- King's CollegeCambridge university college
Bloomsbury · Virginia Woolf · E.M. Forster · Sussex · London · Versailles Treaty · World War I · peerage · Liberal Party
government spending
State allocation of funds
- multiplier effectHow spending compounds economically
- deficit spendingExpenditures funded by debt
- demand-sideEmphasizing consumer spending
economic stimulus · public works · animal spirits · full employment · pump priming
business cycle
Economy's periodic ups and downs
- recessionProlonged economic decline
- depressionProlonged low state
- boomLoud deep sound
national income · GDP · unemployment · inflation · deflation · monetary policy · fiscal policy · central bank · economic growth · price level
- Money ExpertsWarren Buffett, Alan Greenspan, Ben Bernanke, Janet Yellen, Milton Friedman
- economic historystock market crash, Industrial Revolution, trade routes, Great Depression, gold standard
- Cambridge AlumniIsaac Newton, Charles Darwin, Stephen Hawking, Alan Turing, Bertrand Russell
- EconomistsAdam Smith, Milton Friedman, Paul Krugman, Malthus, Smith
- BloomsburyBloomsbury Group, Virginia Woolf, British Museum, British Library
- Bloomsbury GroupVirginia Woolf, E.M. Forster
John Maynard KeynesMilton Friedman
laissez-faire economics · monetarism · Ayn Rand · supply-side economics · monetarists
Keynes, Keynesian, Keynesianism, Keynesian economics, Maynard