John Maynard Keynes

John Maynard Keynes was a British economist whose analysis of aggregate demand challenged classical assumptions and shaped modern macroeconomics and economic policy.

Aggregate demand: The total planned spending on final goods and services in an economy at a given time. Keynes made shortfalls in total spending central to explaining recessions and unemployment.
Keynesian economics: An economic framework emphasizing aggregate demand, price and wage rigidities, and stabilization policy. It formalizes the central ideas developed in Keynes’s major theoretical work.
The General Theory of Employment, Interest and Money: Keynes’s 1936 book arguing that aggregate demand can determine output and employment. This book presented his most influential challenge to classical employment theory.
John Hicks: A British economist whose IS–LM model became a standard representation of Keynesian theory. Hicks translated Keynes’s ideas into a framework that guided postwar macroeconomics.
Bretton Woods Conference: The 1944 conference where representatives of 44 countries negotiated a postwar monetary system. Keynes led the British delegation and advanced plans for international monetary reform.
Effective demand: The level of aggregate demand that determines firms’ output and employment decisions. Keynes used this concept to explain why employment can settle below its potential level.
Paradox of thrift: The possibility that attempts to save more collectively reduce income without increasing total saving. Keynes used this paradox to show how individually prudent choices can deepen a downturn.
The Economic Consequences of the Peace: Keynes’s 1919 critique of the reparations imposed on Germany after World War I. Its argument against punitive reparations established Keynes as a public critic of economic policy.
Joan Robinson: A British economist and leading member of the Cambridge school of post-Keynesian economics. Robinson developed and defended Keynesian ideas while criticizing simplified interpretations of them.
International Monetary Fund: An international organization that supports monetary cooperation and provides financial assistance to member countries. Its creation reflected the postwar monetary negotiations in which Keynes played a leading role.

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