Answer:
John Maynard Keynes developed the framework for policies to avoid severe macroeconomic downturns. He is known for his influential work during the Great Depression and his ideas laid the foundation for modern macroeconomics. The correct answer is b) John Maynard Keynes.
Explanation:
Keynes argued that during periods of economic downturn, governments should intervene through fiscal policy to stimulate aggregate demand and reduce unemployment. His theory, known as Keynesian economics, emphasized the importance of government spending, taxation, and interest rates in managing the overall health of an economy.
Keynes' ideas challenged the prevailing economic thought at the time, which favored a laissez-faire approach. His work had a significant impact on economic policy and influenced the development of welfare states and government intervention in economies around the world.
It is worth noting that while Keynes' ideas have been influential, other economists and schools of thought, such as monetarists like Milton Friedman and proponents of supply-side economics, have also contributed to the development of policies to avoid severe macroeconomic downturns. However, Keynes is widely recognized as the key figure in establishing the framework for such policies.
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