John Maynard Keynes
Definition
John Maynard Keynes was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.
Analogy
Imagine if you're playing a video game where you have control over your character's actions but also can change rules within the game itself. That's what Keynes proposed for economies - not just letting them run their course (like laissez-faire economics), but actively intervening when necessary to ensure optimal outcomes.
Related terms
Macroeconomics: The branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole.
Laissez-faire Economics: An economic system where transactions between private parties are free from any form of government intervention such as regulation, privileges, tariffs, etc.
Economic Policies: Actions taken by governments around fiscal or monetary decisions.
"John Maynard Keynes" appears in:
Subjects (1)
Practice Questions (3)
Which work did John Maynard Keynes write that criticized the Treaty of Versailles' economic impact post-World War I?
Which limitation does John Maynard Keynes’ condemnation of the Versailles Treaty indicate about his point of view?
Given John Maynard Keynes' critique of the Treaty of Versailles in "The Economic Consequences of the Peace," what impact did his ideas have on post-war economic policies?
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