John Maynard Keynes

KeynesKeynesianKeynes, John MaynardMaynard KeynesJ.M. KeynesJ. M. KeynesLord KeynesJ M KeynesJohn M. KeynesJohn Maynard Keynes, 1st Baron Keynes
John Maynard Keynes, 1st Baron Keynes (5 June 1883 – 21 April 1946), was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.wikipedia
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The General Theory of Employment, Interest and Money

General TheoryThe General TheoryGeneral Theory of Employment, Interest and Money
He detailed these ideas in his magnum opus, The General Theory of Employment, Interest and Money, published in 1936.
The General Theory of Employment, Interest and Money of 1936 is the last and most important book by the English economist John Maynard Keynes.

Keynesian economics

KeynesianKeynesianismKeynesian economists
Widely considered the founder of modern macroeconomics, his ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots.
Keynesian economics developed during and after the Great Depression, from the ideas presented by John Maynard Keynes in his 1936 book, The General Theory of Employment, Interest and Money.

Unemployment

unemployedunemployment ratejob creation
He argued that aggregate demand (total spending in the economy) determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment.
Its namesake economist John Maynard Keynes, believed that the root cause of unemployment is the desire of investors to receive more money rather than produce more products, which is not possible without public bodies producing new money.

2008–09 Keynesian resurgence

2008–2009 Keynesian resurgenceKeynesian resurgenceresurgence in Keynesian thought
However, the advent of the global financial crisis of 2007–2008 sparked a resurgence in Keynesian thought.
This included discussions and implementation of economic policies in accordance with the recommendations made by John Maynard Keynes in response to the Great Depression of the 1930s—most especially fiscal stimulus and expansionary monetary policy.

Great Depression

Depressionthe Great DepressionDepression-era
During the Great Depression of the 1930s, Keynes spearheaded a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands.
British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to employment that was well below the average.

Bloomsbury Group

BloomsburyBloomsbury SetBloombury philosopher
In addition to being an economist, Keynes was also a civil servant, a director of the Bank of England, and a part of the Bloomsbury Group of intellectuals.
The Bloomsbury Group—or Bloomsbury Set—was a group of associated English writers, intellectuals, philosophers and artists in the first half of the 20th century, including Virginia Woolf, John Maynard Keynes, E. M. Forster and Lytton Strachey.

Stagflation

high unemployment and inflationeconomic downturnglobal inflation
Keynes's influence started to wane in the 1970s, partly as a result of the stagflation that plagued the Anglo-American economies during that decade, and partly because of criticism of Keynesian policies by Milton Friedman and other monetarists, who disputed the ability of government to favourably regulate the business cycle with fiscal policy.
John Maynard Keynes did not use the term, but some of his work refers to the conditions that most would recognise as stagflation.

Milton Friedman

FriedmanFriedman, MiltonMilton
Keynes's influence started to wane in the 1970s, partly as a result of the stagflation that plagued the Anglo-American economies during that decade, and partly because of criticism of Keynesian policies by Milton Friedman and other monetarists, who disputed the ability of government to favourably regulate the business cycle with fiscal policy.
A survey of economists ranked Friedman as the second-most popular economist of the 20th century following only John Maynard Keynes and The Economist described him as "the most influential economist of the second half of the 20th century ... possibly of all of it".

John Neville Keynes

His father, John Neville Keynes, was an economist and a lecturer in moral sciences at the University of Cambridge and his mother Florence Ada Keynes a local social reformer.
John Neville Keynes (31 August 1852 – 15 November 1949) was a British economist and father of John Maynard Keynes.

Keynesian Revolution

a revolution in economic thinking
During the Great Depression of the 1930s, Keynes spearheaded a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands.
The driving force was the economic crisis of the Great Depression and the 1936 publication of The General Theory of Employment, Interest and Money by John Maynard Keynes, which was then reworked into a neoclassical framework by John Hicks, particularly the IS/LM model of 1936/37.

Geoffrey Keynes

Sir Geoffrey KeynesGeoffrey Langdon KeynesKeynes, Geoffrey
Keynes was the first born, and was followed by two more children – Margaret Neville Keynes in 1885 and Geoffrey Keynes in 1887.
Geoffrey Keynes was the third child, after his older brother, the prominent economist John Maynard Keynes, and his sister Margaret, who married the Nobel Prize–winning physiologist Archibald Hill.

Cambridge Apostles

ApostlesApostleApostles' Club
Keynes joined the Pitt Club and was an active member of the semi-secretive Cambridge Apostles society, a debating club largely reserved for the brightest students.
Bertrand Russell and G. E. Moore joined as students, as did John Maynard Keynes, who invited Ludwig Wittgenstein to join.

Stephen Perse Foundation

Perse SchoolPerse School For GirlsPerse Girls School
In January 1889 at the age of five and a half, Keynes started at the kindergarten of the Perse School for Girls for five mornings a week.
Around the turn of the 20th century, the school accepted boys into its kindergarten, including a young John Maynard Keynes.

Treaty of Versailles

VersaillesVersailles Treaty1919
In the 1917 King's Birthday Honours, Keynes was appointed Companion of the Order of the Bath for his wartime work, and his success led to the appointment that would have a huge effect on Keynes's life and career; Keynes was appointed financial representative for the Treasury to the 1919 Versailles peace conference.
At the time economists, notably John Maynard Keynes (a British delegate to the Paris Peace Conference), predicted that the treaty was too harsh—a "Carthaginian peace"—and said the reparations figure was excessive and counter-productive, views that, since then, have been the subject of ongoing debate by historians and economists from several countries.

The Economic Consequences of the Peace

economic pressures
Keynes's analysis on the predicted damaging effects of the treaty appeared in the highly influential book, The Economic Consequences of the Peace, published in 1919.
The Economic Consequences of the Peace (1919) is a book written and published by the British economist John Maynard Keynes.

Political Economy Club (1909)

Political Economy Club
He founded the Political Economy Club, a weekly discussion group.
The Political Economy Club was founded in 1909 by John Maynard Keynes.

St Faith's School

St Faith
In January 1892, at eight and a half, he started as a day pupil at St Faith's preparatory school.
In June 2006, the school opened a new building for music and technology, named The Keynes Building in honour of old boys Maynard and Geoffrey Keynes.

Harold Macmillan

MacmillanHarold Macmillan, 1st Earl of StocktonMacmillan Government
At Eton, Keynes experienced the first "love of his life" in Dan Macmillan, older brother of the future Prime Minister Harold Macmillan.
Macmillan Press also published the work of the economist John Maynard Keynes.

The Cambridge Union

Cambridge UnionUnionUnion Society
Before leaving Cambridge, Keynes became the President of the Cambridge Union Society and Cambridge University Liberal Club.
Previous students involved in the Cambridge Union have included Arianna Huffington, and the famous economist John Maynard Keynes.

World War I reparations

reparationswar reparationsreparations payments
Keynes's main interest had been in trying to prevent Germany's compensation payments being set so high it would traumatise innocent German people, damage the nation's ability to pay and sharply limit her ability to buy exports from other countries – thus hurting not just Germany's own economy but that of the wider world.
British economist John Maynard Keynes called the treaty a Carthaginian peace that would economically destroy Germany.

Alfred Marshall

MarshallMarshallianAlfred Marshall,
Alfred Marshall begged Keynes to become an economist,
Over the years he interacted with many British thinkers including Henry Sidgwick, W.K. Clifford, Benjamin Jowett, William Stanley Jevons, Francis Ysidro Edgeworth, John Neville Keynes and John Maynard Keynes.

A Treatise on Probability

Keynes's theory of probabilityTreatise on Probability
Keynes had completed his A Treatise on Probability before the war, but published it in 1921.
A Treatise on Probability was published by John Maynard Keynes while at Cambridge University in 1921.

Robert Skidelsky, Baron Skidelsky

Robert SkidelskyLord SkidelskyLord Robert Skidelsky
According to the economic historian and biographer Robert Skidelsky, Keynes's parents were loving and attentive.
He is the author of a three-volume award-winning biography of British economist John Maynard Keynes (1883–1946).

King's College, Cambridge

King's CollegeKingKing’s College
In 1902 Keynes left Eton for King's College, Cambridge, after receiving a scholarship for this also to read mathematics.
The last main-site building to be erected by the college was the Keynes Building, finished in 1967 and named after former college bursar John Maynard Keynes.

International Monetary Fund

IMFInternational Monetary Fund (IMF)the International Monetary Fund
His plans during World War II for post-war international economic institutions and policies (which contributed to the creation at Bretton Woods of the International Monetary Fund and the World Bank, and later to the creation of the General Agreement on Tariffs and Trade and eventually the World Trade Organization) were aimed to give effect to this vision.
Formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.