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In the 1930s, Keynes spearheaded [[Keynesian revolution|a revolution in economic thinking]], challenging the ideas of [[neoclassical economics]] that held that [[free markets]] would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He instead argued that [[aggregate demand]] determined the overall level of economic activity and that inadequate aggregate demand could lead to prolonged periods of high [[unemployment]]. According to Keynesian economics, state intervention was necessary to moderate "boom and bust" cycles of economic activity.<ref>{{cite web|author=Time Value of Money<!-- --> |url=http://www.investinganswers.com/education/economics/john-maynard-keynes-man-who-transformed-economic-world-621 |title=How John Maynard Keynes Changed the World of Economics |publisher=InvestingAnswers |accessdate=2 October 2013}}</ref> Keynes advocated the use of [[fiscal policy|fiscal]] and [[monetary policy|monetary]] policies to mitigate the adverse effects of economic [[recession]]s and [[depression (economics)|depressions]]. Following the outbreak of [[World War II]], Keynes' ideas concerning economic policy were adopted by leading Western economies. In 1942, Keynes was awarded a [[hereditary peer]]age as Baron Keynes of Tilton in the County of [[Sussex]].<ref name="TheLondon">{{London Gazette|issue=35586|startpage=2475|date=5 June 1942|accessdate=4 August 2009}}</ref> Keynes died in 1946; but, during the 1950s and 1960s, the success of Keynesian economics resulted in almost all [[capitalist]] governments adopting its policy recommendations.
Tokom 1930-tih, Kejns je predvodio [[Kejnsova revolucija|revoluciju ekonomskog razmišljanja]], osporavajući ideje [[neoklasična politička ekonomija|neoklasične ekonomije]] koja je tvrdila da bi [[slobodno tržište|slobodna tržišta]], u kratkim do srednjoročnih termina, automatski pružila potpunu zaposlenost, dokle god su radnici fleksibilni u pogledu njihovih platnih zahteva. On je umesto toga zastupao stav da [[agregatna potražnja]] određuje sveukupni nivo ekonomske aktivnosti i da neadekvatna agregatna potražnja može da dovede dugačkih perioda visoke [[nezaposlenost]]i. Sledstveno Kejnsovoj ekonomiji, državna intervencija je neophodna da bi se regulisali ciklusi „brzog rasta i raspada“ ekonomske aktivnosti.<ref>{{cite web|author=Time Value of Money<!-- --> |url=http://www.investinganswers.com/education/economics/john-maynard-keynes-man-who-transformed-economic-world-621 |title=How John Maynard Keynes Changed the World of Economics |publisher=InvestingAnswers |accessdate=2 October 2013}}</ref> Kejns se zalagao za primenu [[fiskalna politika|fiskalne]] i [[monetarna politika|monetarne]] politike kojom bi se ublažili negativni efekti ekonomskih [[recesija|recesija]] i [[depresija (ekonomija)|depresija]]. Nakon izvijanja [[Drugi svetski rat|Drugog svetskog rata]], Kejnsove ideje u pogledu ekonomske politike su našle primenu u vodećim Zapadnim ekonomijama. Godine 1942, Kejnsu je dodeljena titula naslednog plemića, te je postao baron Kejns od Tiltona u okrugu [[Sussex|Saseks]].<ref name="TheLondon">{{London Gazette|issue=35586|startpage=2475|date=5 June 1942|accessdate=4 August 2009}}</ref> Kejns je umro 1946. godine. Tokom 1950-tih i 1960-tih, uspeh Kejnsove ekonomije je doveo do toga da su skoro sve [[kapitalizam|kapitalističke]] vlade prihvatile njegove stavove.
Keynes'sKejnsov influenceuticija wanedje inopao thetokom 1970s1970-tih, partly as a result of problems with [[inflation]] that began to afflict the [[Anglo-America]]n economies from the start of the decade and partly because of critiques from [[Milton Friedman]] and other economists who were pessimistic about the ability of governments to regulate the [[business cycle]] with fiscal policy.<ref>{{cite news |title=To Set the Economy Right |date=27 August 1979 |accessdate=13 November 2008 |url=http://www.time.com/time/magazine/article/0,9171,920558,00.html |work=Time magazine}}</ref> However, the advent of the global [[financial crisis of 2007–08]] caused a [[2008–09 Keynesian resurgence|resurgence in Keynesian thought]]. Keynesian economics provided the theoretical underpinning for economic policies undertaken in response to the crisis by President [[Barack Obama]] of the United States, Prime Minister [[Gordon Brown]] of the United Kingdom, and other heads of governments.<ref>{{cite news |url= http://www.ft.com/cms/s/0/c4cf37f4-d611-11dd-a9cc-000077b07658.html |title= The undeniable shift to Keynes |work=Financial Times |author=Chris Giles in London, Ralph Atkins in Frankfurt and Krishna Guha in Washington |accessdate=23 January 2009}}</ref>
{{cite news |title=To Set the Economy Right |date=27 August 1979 |accessdate=13 November 2008 |url=http://www.time.com/time/magazine/article/0,9171,920558,00.html |work=Time magazine}}</ref> However, the advent of the global [[financial crisis of 2007–08]] caused a [[2008–09 Keynesian resurgence|resurgence in Keynesian thought]]. Keynesian economics provided the theoretical underpinning for economic policies undertaken in response to the crisis by President [[Barack Obama]] of the United States, Prime Minister [[Gordon Brown]] of the United Kingdom, and other heads of governments.<ref>{{cite news |url= http://www.ft.com/cms/s/0/c4cf37f4-d611-11dd-a9cc-000077b07658.html |title= The undeniable shift to Keynes |work=Financial Times |author=Chris Giles in London, Ralph Atkins in Frankfurt and Krishna Guha in Washington |accessdate=23 January 2009}}</ref>
In 1999, [[Time (magazine)|''Time'' magazine]] included Keynes in their list of the [[Time 100: The Most Important People of the Century|100 most important and influential people of the 20th century]], commenting that: "His radical idea that governments should spend money they don't have may have saved capitalism."<ref>{{cite news |url= http://content.time.com/time/magazine/article/0,9171,990614,00.html |title= The Time 100: John Maynard Keynes |publisher=[[Time (magazine)]] |author=Robert Reich |date=29 March 1999 |accessdate=18 June 2009 |authorlink= }}</ref> He has been described by ''[[The Economist]]'' as "Britain's most famous 20th-century economist."<ref>{{cite news|url=http://www.economist.com/news/britain/21577382-chancellor-likely-ignore-imfs-advice-toothless-truth-tellers |title=The IMF in Britain: Toothless truth tellers |publisher=Economist.com |date=11 May 2013 |accessdate=2 October 2013}}</ref> In addition to being an economist, Keynes was also a civil servant, a director of the [[Bank of England]], a part of the [[Bloomsbury Group]] of intellectuals,<ref name="The Bloomsbury Group">{{cite web|url=http://therem.net/bloom.htm |title=The Bloomsbury Group |publisher=Therem.net |date=22 August 2007 |accessdate=26 May 2012}}</ref> a patron of the arts and an art collector, a director of the [[Galton Institute|British Eugenics Society]], an advisor to several charitable trusts, a successful private investor, a writer, a philosopher, and a farmer.
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