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Keynesian economics (/ ˈ k eɪ n z i ə n / KAYN-zee-ən; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation.
Keynesian economics gets its name, theories, and principles from British economist John Maynard Keynes (1883–1946), who is regarded as the founder of modern macroeconomics. His most famous work, The General Theory of Employment, Interest and Money, was published in 1936.
John Maynard Keynes, detail of a watercolour by Gwen Raverat, c. 1908; in the National Portrait Gallery, London. Courtesy of the National Portrait Gallery, London. Central to Keynesian economics is an analysis of the determinants of effective demand.
