Definition

Proper noun: * John Maynard Keynes: An influential English economist whose theories fundamentally changed the field of macroeconomics and economic policy. He is best known for advocating that governments should use active monetary and fiscal policy (managing interest rates, government spending, and taxation) to manage aggregate demand, with the primary goals of mitigating economic recessions, maintaining full employment, and stabilizing the economy without causing high inflation.

Usage Examples

• Proper noun:
  • The economic policies of the mid-20th century were heavily influenced by the ideas of John Maynard Keynes.
  • John Maynard Keynes argued that during a severe downturn, private sector demand might be insufficient, requiring government intervention.
  • Many governments applied Keynesian principles to combat the Great Depression.

Advanced Usage

• Keynesian (adj): Of or relating to the economic theories of John Maynard Keynes.
  • Keynesian economics suggests that government spending can help lift an economy out of a recession.
• Keynesianism (n): The body of economic thought based on the ideas of John Maynard Keynes.
  • The rise of monetarism challenged the dominance of Keynesianism in the 1970s.

Variants and Related Words

• Keynesian (adjective/noun): The primary derivative used to describe his theories or a follower of them.
• Keynesianism (noun): The school of economic thought.
• Post-Keynesian (adjective): Referring to developments and interpretations of Keynes's work by later economists.

Synonyms

• Economist (specific identification; a more general term for his profession).

Noun

1. English economist who advocated the use of government monetary and fiscal policy to maintain full employment without inflation (1883-1946)