Who among the following, first mooted the idea of deficit financing ?

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Who among the following, first mooted the idea of deficit financing ?

Adam Smith
Alfred Marshall
John Maynard Keynes
Milton Friedman
This question was previously asked in
UPSC CDS-1 – 2022
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John Maynard Keynes is credited with first mooting and popularizing the idea of deficit financing as a tool for economic management, particularly during times of recession.
In his work, notably “The General Theory of Employment, Interest and Money,” Keynes argued that government spending, even financed by deficits, was necessary to stimulate aggregate demand and reduce unemployment during economic downturns.
Deficit financing involves a government spending more than it receives in revenue, covering the difference by borrowing or printing money. While historical instances of governments spending beyond their means existed, Keynes provided a theoretical framework advocating its deliberate use for macroeconomic stabilization.

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