Posted in

John Maynard Keynes’ The General Theory of Employment, Interest, and Money (1936): A Revolutionary Economic Framework

John Maynard Keynes’ General Theory (1936) redefined economics by prioritizing aggregate demand over supply. Challenging classical self-correction, it advocated government intervention to combat unemployment via fiscal stimulus. Introduced liquidity preference, multiplier effect, and “animal spirits.” Shaped modern policies during crises like 2008 and COVID-19. Legacy: Demand-driven economics, state role in stabilization.