34. Which of the following economists laid the foundation for the mixed a) Adam Smith b) Karl Marx c) John Maynard Koynes d) John Nash

John Maynard Keynes revolutionized economic thought in the 20th century with his ideas advocating for government intervention in the economy, especially during recessions. His seminal work, "The General Theory of Employment, Interest, and Money," challenged classical economics by emphasizing that total spending (aggregate demand) is the primary driver of economic activity and employment. Speaking of real-world application, Keynesian economics plays a crucial role in contemporary economic policies. Governments around the world utilize Keynesian principles to guide fiscal policy during economic downturns, often employing stimulus measures like increased public spending and tax cuts to boost demand and promote recovery. This approach is essential for stabilizing economies and mitigating the impacts of recessions!