Who is a British economist known for influential economic theories during the 1930s?

John Maynard Keynes is the British economist renowned for his significant contributions to economic theory during the 1930s, particularly in response to the Great Depression. His ideas challenged the classical economic thought that predominated prior to this period. Keynes advocated for increased government expenditures and lower taxes to stimulate demand and pull the global economy out of recession. This approach marked a shift towards what is now known as Keynesian economics, which emphasizes the role of total spending in the economy and its effects on output and inflation.

Keynes believed that in times of economic downturn, private sector demand often falls short, necessitating intervention from the government to sustain economic activity. His work laid the foundation for modern macroeconomic theory and policy, influencing how governments respond to economic crises.

The other figures listed played important roles in economic thought, but their influences were either prior to the 1930s or focused on different aspects of economics. Milton Friedman, for example, was more active in the mid to late 20th century and emphasized monetarism, while Adam Smith and David Ricardo were key figures in the development of classical economics in the 18th and 19th centuries. Their theories do not align with the specific context of economic thought during the 1930s as