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Created with Fabric.js 1.4.5 John Maynard Keynes John Maynard Keynes,(5 June 1883 21 April 1946),was born in Cambridge, Cambridgeshire, England, to an upper-middle-class family. His father, John Neville Keynes, was an economist and a lecturer in moral sciences at the University of Cambridge and his mother Florence Ada Keynes a local social reformer. John Maynard Keynes was an English economist whose ideas fundamentally changed the theory and practice of modern macroeconomics and the economic policies of governments. He built on and greatly refined earlier work on the causes of business cycles, and is widely considered to be one of the most influential economists of the 20th century and the founder of modern macroeconomics.His ideas are the basis for the school of thought known as Keynesian economics and its various offshoots. Accomplishment Keynes's magnum opus The General Theory of Employment,Interest and Money [Governments bore a large part of responsibility for the high unemployment rates ushered in by the Great Depression] Main ideas In the 1930s, Keynes spearheaded a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He instead argued that aggregate demand determined the overall level of economic activity and that inadequate aggregate demand could lead to prolonged periods of high unemployment. According to Keynesian economics, state intervention was necessary to moderate "boom and bust" cycles of economic activity.[6] Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions. Influence at present Keynesian resurgence of 2008-2009
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