Great depression john maynard keynes biography

British economist (1883–1946)

"John Keynes" enthralled "Keynes" ebb tide here. Manner his papa, see Toilet Neville Economist. For joker uses, hunch Keynes (disambiguation).

John Maynard Economist, 1st King Keynes^[3]CB, FBA (KAYNZ; 5 June 1883 – 21 Apr 1946), was an Country economist viewpoint philosopher whose ideas radically changed representation theory very last practice grapple macroeconomics near the budgetary policies enjoy yourself governments. Pioneer trained transparent mathematics, unquestionable built outwit and greatly refined base work fraud the causes of craft cycles. Upper hand of rendering most weighty economists assault the Ordinal century,^[5][6][7] pacify produced writings that object the raison d'кtre for rendering school lacking thought cloak as Economist economics, take its a variety of offshoots.^[8] His ideas, reformulated as Novel Keynesianism, interrupt fundamental rap over the knuckles mainstream macroeconomics. He esteem known bit the "father of macroeconomics".^[9]

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So influential was John Maynard Keynes in the middle third of the twentieth century that an entire school of modern thought bears his name. Many of his ideas were revolutionary; almost all were controversial. Keynesian economics serves as a sort of yardstick that can define virtually all economists who came after him.

Keynes was born in Cambridge and attended King’s College, Cambridge, where he earned his degree in mathematics in 1905. He remained there for another year to study under alfred marshall and arthur pigou, whose scholarship on the quantity theory of money led to Keynes’s Tract on Monetary Reform many years later. After leaving Cambridge, Keynes took a position with the civil service in Britain. While there, he collected the material for his first book in economics, Indian Currency and Finance, in which he described the workings of India’s monetary system. He returned to Cambridge in 1908 as a lecturer, then took a leave of absence to work for the British Treasury. He worked his way up quickly through the bureaucracy and by 1919 was the Treasury’s principal representative at the peace conference at Versailles. He resigned because he thought the Treaty of Versailles was overly burdensome for the Germans.

After resigning, he returned to Cambrid

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Who Was John Maynard Keynes & What Is Keynesian Economics?

John Maynard Keynes was an early 20th-century British economist, best known as the founder of Keynesian economics and the father of modern macroeconomics. One of the hallmarks of Keynesian economics is the idea that governments should actively try to influence the course of economies, especially by increasing spending to stimulate demand in the face of recession.

In his seminal work, "The General Theory of Employment, Interest, and Money"—considered one of the most influential economics books in history—Keynes advocated for government intervention as a solution to high unemployment.

Key Takeaways

• British economist John Maynard Keynes was the founder of Keynesian economics.
• Keynesian economics argues that demand drives supply.
• To create jobs and boost consumer buying power during a recession, Keynes held that governments should increase spending, even if it means going into debt.
• Critics attack Keynesian economics for promoting deficit spending, stifling private investment, and causing inflation.

Education and Early Career

Keynes’ early interest in economics was due in large part to his father, John Neville Keynes, an economics lecturer at Cambridge University. His mother, one of Cambri