Question

John Maynard Keynes is among the most well-known economic theorists. Go to http://en.wikipedia.org/wiki/ John_Maynard_Keynes and write a one-page summary of his life and contributions.

Short answer

Keynes is known as the gfather of modern macroeconomics and has made major contributions in the study of economics through his theories which are known as Keynesian theories.

Step-by-step solution

Step 1. Introduction

In economics, various theories have been postulated to study the behavior of the economy. These theories are based on certain assumptions to make the working of the economy easier to understand. Without these assumptions, the theories would be too difficult to understand.

Step 2. Explanation

John Maynard Keynes was a British economist. He is best known as the father of modern macroeconomics. He was born in a middle-class family. He received a scholarship for Cambridge University and earned an undergraduate degree in mathematics. Though initially a supporter of Laissez-faire, Keynes started advocating for government intervention after the Great depression.

Keynes has given many theories which act as the basis of Keynesian economics. Unlike the classical economic theories, Keynes suggested that government intervention in the economy can be good and sometimes necessary to bring growth and stability.

Classical economists believed that supply creates its own demand, and thus supply is the driving force in an economy. Keynes argued that the driving principle in the economy is demand and not supply.