John Maynard Keynes

John Maynard Keynes was a twentieth century British Liberal economist who wrote much of the Liberal Party manifesto for David Lloyd George's 1929 election campaign. Unfortunately the Liberals lost the election, but the ideas were taken up by FDR in his New Deal a few year later; and became economic orthodoxy for a generation after World War II.

The essence of Keynseian economics was that Governments could mitigate the boom bust cycle by borrowing and spending more in the downturn and repaying those debts in the upturn.