John Maynard Keynes

Topics: Keynesian economics, John Maynard Keynes, Macroeconomics Pages: 1 (405 words) Published: February 18, 2013
John Maynard Keynes was an economist through the middle of the twentieth century. His ideas have been influential to many modern economists that try to expand, critique, and initiate his studies into today’s world. An article from econlib.org describes Keynesian Economics “as a sort of yardstick that can define virtually all economists who came after him”.

John Keynes was born in Cambridge, England where he spent a majority of his early life. He attended King’s College where he earned his degree in mathematics in 1905 and was introduced to his mentors, Alfred Marshall and Arthur Pigou. Very early after leaving college to take a job with the civil service in Britain, he published his first economics book titled, Indian Currency and Finance. After earning his degree from King’s College and publishing his first book, he would bounce back and forth from different jobs where he would collect material for his professional studies to coming back to Cambridge to be a lecturer or teacher. In the midst of these jobs, Keynes became well known for his book, The Economic Consequences of the Peace in 1919. In this book, Keynes would prove himself by objecting the punitive reparations payments imposed on Germany by the Allied countries after World War I. Keynes was a believer of monetarism and in 1923, through the principles he acquired from his mentors, Marshall and Pigou, he published Tract on Monetary Reform. His main political view was that the best way to keep the economy stable was to stabilize the price level, and to do this the government’s central bank must lower interest rates when prices tend to rise and raise them when prices tend to fall. While becoming a great economist and reshaping the views of other economists, Britain was going through an interwar period which changed Keynes’s ideas. This brought on the publication of The General Theory of Employment, Interest and Money. This took the ideas and outlooks on economics and revolutionized the way...
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