John Maynard Keynes was the greatest and the most eminenteconomist of the mid-twentieth century.
During the period 1929-33 -
in thecapitalist countries which caused huge unemployment, lowincome and low production.
His famous book “
General Theory of employment, interestand money” published in 1936”
challenged the validity of the classical theory of employment.
He is not only criticized the classical theory of income andwealth but also - propounded new theory of employment andoutput
This book gives a systematic treatment to the theory of employment, explaining the real causes of unemployment.
He tries to provide that under employment equilibrium is thenormal features of capitalist economy.
Keynes advocated many concepts like Propensity to Consume,Multiplier, Marginal Efficiency of Capital and LiquidityPreference.