15 March: Anniversary of the birthday of John Maynard Keynes, the father of modern macroeconomics (1883).

On March 15, 1883, John Maynard Keynes, the founder of modern macroeconomic theory, was born. His work transformed economic thinking, as well as theories and practices around the world of business consulting both in Cyprus and abroad, introducing new ideas about state intervention in the economy. His theory, known as “Keynesianism,” highlighted the role of public spending in fighting recession and unemployment.
During the Great Depression of the 1930s, Keynes argued that an unregulated market can lead to crises and that the state should act as a regulator. His ideas helped shape policies that stabilized the economies of the time. For example, the New Deal in the US was based on Keynesian principles, introducing public investment to stimulate demand.
Today, Keynes’ ideas remain relevant, especially in times of crisis. During the 2008 economic downturn, many governments implemented fiscal expansion policies to prevent markets from collapsing. According to an International Monetary Fund (IMF) report, Keynesian strategies during the COVID-19 pandemic averted a new global recession, with governments investing trillions of dollars to prop up the economy.
Keynes’ legacy is not only about politics, but also about the way businesses perceive the market. Investment in innovation and growth is often inspired by the idea that demand drives growth. Keynes showed that the future of the economy depends on trust and cooperation between the public and private sectors, a relationship that is strengthened through the development of business strategy.
This anniversary is an opportunity to reflect on the evolution of the economy and the importance of the balance between state intervention and the free market. Businesses working with business strategy consultants can leverage the agility and adaptability that Keynes has shown, developing sustainable strategies that boost their growth in an ever-changing world.