Who authored The General Theory of Employment, Interest, and Money and asserted that large-scale government deficit spending was appropriate during economic downturns?
Social Studies · High School · Tue Nov 03 2020
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"The General Theory of Employment, Interest, and Money" was authored by John Maynard Keynes. Keynes was a British economist who is considered one of the founders of modern macroeconomics. In his influential work, published in 1936, Keynes challenged classical economic theories and proposed that, during economic downturns, governments should use fiscal policy, including deficit spending, to stimulate demand and stabilize the economy. This approach became known as Keynesian economics.