“Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.” – John Maynard Keynes, 1936
John Maynard Keynes was the most influential economist of the first half of the 20th century. He is correctly associated with the policy of increased government spending and deficits to combat economic downturns. Keynes is the economic icon of the Obama administration, which uses his multiplier to justify its huge stimulus programs and soaring deficits.
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