Summary.
Maynard Keynes was a British Economist. Believed in spending money to making money and felt the governments should spend their way out of the depression. John Maynard Keynes also introduced the Keynesian Economic theory which was widely adopted.
John Maynard Keynes
- Maynard Keynes was a British Economist
- Believed Governments should spend their way out of Depression
- Thought "You need to spend money to make money"
- Affected the theory and practice of modern macroeconomics
- His ideas created the basis of Keynesian Economics
- Argued that aggregate demand determined the overall level of economic activity
- During 1950's and 60's the succes of Keynesian Economics was so great almost all capitalist governments adopting its policys