John Maynard Keynes
Notes:
- British economist
- Governments should spend their way out of Depression
- Borrow money to be repaid after economy recovers
- Deficit financing
- Projects should be of value to the country
- Went against Adam's Smith's theories
- USA, Japan and Hitler's Germany all use this with success
Summary: John Maynard Keynes was a British economist who believed that governments should spend their way out of depression. He also believed in deficit financing, and he influence many other people.
Subjective question: What would have happened if Franklin Roosevelt did not here about Keynes theories?
Quote: "Ideas shape the course of history". - John Maynard Keynes
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