Which economic figure is known for advocating government intervention during economic cycles?

The figure known for advocating government intervention during economic cycles is John Maynard Keynes. He is best known for his contributions to macroeconomic theory, particularly the idea that during periods of economic downturn, such as recessions, government spending should be increased to stimulate demand and pull the economy out of a slump. This approach became widely known as Keynesian economics.

Keynes argued that it is not only the market forces that can help an economy recover; active government participation is necessary to manage economic fluctuations. He emphasized that in times of economic stress, such as high unemployment, the government should intervene by creating jobs and increasing overall public expenditure, as relying solely on market adjustments could lead to prolonged periods of economic suffering.

His theories help shape modern macroeconomic policies and provide a framework for understanding how government actions can stabilize a volatile economy, demonstrating the importance of fiscal policy in managing economic cycles.