Which economist is known for advocating government intervention to prevent and remedy recessions and depressions?

John Maynard Keynes is recognized for his advocacy of governmental intervention in the economy, particularly during times of economic downturns such as recessions and depressions. His theories, developed during the Great Depression of the 1930s, emphasize the importance of aggregate demand in influencing economic output and employment levels. Keynes argued that during periods of low consumer demand, government spending could play a critical role in stimulating the economy by creating jobs and encouraging consumption.

This interventionist approach contrasts sharply with the laissez-faire economic theories of Adam Smith, who favored minimal government involvement in the market to allow for natural economic corrections. Milton Friedman, on the other hand, is known for promoting free-market policies and monetary control rather than fiscal intervention. David Ricardo, an earlier economist, contributed to the theory of comparative advantage and trade but did not specifically advocate for government intervention in the economy as Keynes did. Therefore, Keynes' views are foundational in modern macroeconomic theory regarding the active role of government in managing economic cycles.