Biography ni john maynard keynes great slump
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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
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John Maynard Keynes, who was born in Cambridge, England, was one of the leading economists of the twentieth century. His revolutionary ideas influenced macroeconomics and governmental economic policies across the globe. Keynes was a professional mathematician, and having borrowed from earlier theories, he contributed to developing a much more defined theory regarding business cycles.
His early work or the works that have set the tone for his ideas include The General Theory of Employment, Interest, and Money (). Keynes's early academic life featured education at King's College, Cambridge, where he was exposed to economics by Alfred Marshall and Arthur Pigou. His ability in mathematics and passion for philosophy provided a good background for his future contributions to economics.
After graduating in , Keynes jumped from university to government jobs to get a practical feel for economic policymaking. One of the significant milestones in Keynes's career was after the First World War when he played an essential role as an economic adviser to the British delegation during the negotiation of the Treaty of Versailles.
He also grew disappointed with the actions taken against Germany, and in his book The Economic Consequences of the Peace (), he foresaw long-term political and econ
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