John maynard keynes economic contributions

John Maynard Keynes, a prominent economist of the 20th century, made significant contributions to economic thought, particularly in the field of macroeconomics.

Here are some of Keynes's key contributions:

1. Keynesian Economics: Keynes is best known for his development of Keynesian economics, which challenged classical economic theories prevalent at the time.

   He argued that aggregate demand, rather than supply, is the primary driving force behind economic fluctuations. Keynes emphasized the importance of government intervention, particularly through fiscal policy, to stabilize the economy during periods of recession or depression.

2. Aggregate Demand and Consumption: Keynes introduced the concept of aggregate demand, which refers to the total spending on goods and services in an economy.

   He argued that changes in aggregate demand, particularly changes in consumption spending, can have a significant impact on ov