Nicholas August Ludwig Jacob Johansen 1844–1928 was the German-American amateur economist, today best so-called for his influence on & citation by John Maynard Keynes. He wrote under two pen names: A. Merwin in addition to J. J. O. Lahn.
He was largely unrecognized in his lifetime, but coming after or as a sum of. the effective demand, self-employed person discovery of the Arestis & Sawyer.
His 1903 Der Kreislauf des Geldes und Mechanismus des Sozial-Lebens The Circuit idea of Money, or done as a reaction to a impeach in German can be seen as an early realize in monetary circuit theory.
Crucially, he distinguished the roles of savings and investment – since only investment is directly productive, savings may be harmful to the economy, and may "tend to impoverish others" – a hold of the paradox of thrift.
In his last years 1928, he warned of an upcoming long period of stagnation, which may be seen as prophesying the Great Depression.