The Great Depression of the 1930s led to a revolution in macroeconomic thinking, following the work of
A)Arthur Laffer.
B)Milton Friedman.
C)Adam Smith.
D)John Maynard Keynes.
E)David Ricardo.

Question

Quizplus · Accepted Answer

The Great Depression led to the development of Keynesian economics, which emphasized the importance of government intervention in the economy to stimulate demand and employment. John Maynard Keynes is considered the founder of this school of thought. While the other individuals listed also made important contributions to economics, they were not directly associated with the macroeconomic revolution of the 1930s.

The Great Depression of the 1930s Led to a Revolution