Question

In detail describe who Jon Maynard Keynes is and what did he do?

Answer 1

Answer-Jon Maynard Keynes was born in June 5, 1883 in England. He was well known for his theories written on the problem of unemployment. He had belief in the long time period because demand can make adjustments in the long run. He got famous for his book “General theory of employment , interest and money in 1936”. He discussed about the great depression of 1930 and gave reason of law investment is responsible for depression and to be out of the problem there is need of the expansionary monetary policy and autonomous investment. Moreover, he did not have belief in automatic adjustments like the classical economists. Role of government was essential according to him. His theories are even followed by the nation’s government to control the trade cycles.