keynes
Definition
Proper noun * John Maynard Keynes: An influential 20th-century British economist. He is best known for his revolutionary economic theories, which argued that during severe recessions, active government intervention through fiscal policy (like increased public spending) and monetary policy is necessary to stimulate demand, reduce unemployment, and stabilize the economy. His ideas formed the basis of Keynesian economics.
Usage Examples
- Proper noun:
- The economic policies of the mid-20th century were heavily influenced by the ideas of Keynes.
- Many governments applied Keynesian principles to combat the Great Depression. (Note: 'Keynesian' is the derived adjective).
- The debate between classical economists and Keynes centered on the role of government in the economy.
Advanced Usage
- "Keynesian" (adjective): Of or relating to the economic theories of John Maynard Keynes.
- The president's advisor proposed a Keynesian solution to the crisis, suggesting major public works projects.
- "Keynesianism" (noun): The body of economic thought based on the ideas of Keynes.
- The rise of monetarism in the 1970s challenged the dominance of Keynesianism.
Variants and Related Words
- Keynesian (adj/n): The primary adjective form and a term for a follower of Keynes's theories.
- Keynesianism (n): The school of economic thought.
- Post-Keynesian (adj/n): Relating to or a proponent of economic theories developed as extensions or critiques of Keynes's original work.
Synonyms
- Economist (specific reference)
- (The) Founder of Keynesian economics
Related Phrases and Concepts
- Keynesian economics: The macroeconomic theory stating that aggregate demand is the primary driving force in an economy, especially in the short run, and that inadequate demand can lead to prolonged periods of high unemployment.
- Fiscal stimulus: A key policy tool associated with Keynesian economics, involving government spending or tax cuts to boost economic activity.
- The General Theory: A shortened reference to Keynes's seminal book, (1936).
Noun
-
English economist who advocated the use of government monetary and fiscal policy to maintain full employment without inflation (1883-1946)
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