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. He advocated for increased government expenditures and lower taxes to stimulate demand and pull the global economy out of depression.

Related terms

Macroeconomics: The branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole.

Fiscal Policy: Governmental policies concerning taxation and spending that are intended to influence an economy's activity level.

The Great Depression: A severe worldwide economic depression that took place mostly during the 1930s, leading to widespread poverty and unemployment