Preview

John Maynard Keynes

Good Essays
Open Document
Open Document
405 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
John Maynard Keynes
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

You May Also Find These Documents Helpful

  • Powerful Essays

    aqa AS economics unit 2

    • 7216 Words
    • 28 Pages

    Mixed – John Maynard Keynes – 1883-1946 – argued that the gov should spend and tax more and have full employment.…

    • 7216 Words
    • 28 Pages
    Powerful Essays
  • Good Essays

    hca 240

    • 944 Words
    • 4 Pages

    John Maynard Keynes helped the allied government defend freedom by planning their wartime economies. Friedrich Von Hayek thought government interference in the economy was a threat to freedom. Keynes thought the market economy would go to excesses and when things got difficult the market wouldn’t work and the government would have to fix it. Hayek disagreed because he believed the market would take care of itself.…

    • 944 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Keynes believed that classic liberalism itself was unstable. You need government intervention to straighten some issues out.…

    • 826 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Jane Addams Hull House

    • 851 Words
    • 4 Pages

    Victoria Bissell Brown's introduction to Twenty Years at Hull-House explains the life of Jane Addams and her commitment to insight social change to problems that existed during the turn of the 20th century. As a reaction to the hardships of a changing industrial society, Addams decided to establish a settlement house in the West side of Chicago to help individuals who had suffered from the cruelties of industrialization. Rejecting the philosophies that stemmed from the Gilded Age, such as social Darwinism and the belief that human affairs were determined by natural law, Addams was a progressive who wanted government to be more responsive to the people.…

    • 851 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Keynes, J. M. (1936). The general theory of employment, interest and money. United Kingdom: Palgrave Macmillan.…

    • 1812 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    The turn to the market and first changes to strip Keynesian interventionist in Britain was made by the Edward Heath conservative administration in 1970 following their election triumph. They supported a return to liberal Keynesianism, inflation being the primary priority in the conquest. Entry into the EEC and abolishment of Labours industrial policy were the breakthrough areas to focus on strengthening market forces. The financial sector would be used as a means of distributing investment funds, whilst also regulating accretion by pursuing more sound monetary policies. ‘Competition and Credit Control’ was designed to give the control of money a more instrumental role in economic policy. Heath further transferred responsibilities to market forces with interest rates and allocation of money being determined by market forces.…

    • 869 Words
    • 4 Pages
    Good Essays
  • Better Essays

    economic aspects

    • 957 Words
    • 3 Pages

    Harris, Seymour E. (2005). The New Economics: Keynes ' Influence on Theory and Public Policy. Kessinger Publishing.…

    • 957 Words
    • 3 Pages
    Better Essays
  • Powerful Essays

    Heilbroner Global Trends

    • 1831 Words
    • 8 Pages

    Maynard Keynes and reconcile them with the basic tenets of liberalism as professed by Smith. This…

    • 1831 Words
    • 8 Pages
    Powerful Essays
  • Better Essays

    * Great Britain: Political leaders in Britain largely ignored the new ideas of a British economist, John Mayard who published his general theory of employment, interest, and money in 1936.…

    • 933 Words
    • 4 Pages
    Better Essays
  • Better Essays

    John Maynard Keynes was an English economist who felt planning wartime economies would help governments defend freedom. Friedrich von Hayek on the other hand, was an Austrian economist who thought freedom would be threatened if there were government intervention in the economy. Keynes felt that with no government intervention, the market economy would overload, and when problems occurred, the market would not work. Hayek disagreed, and felt that with no government intervention, the market would eventually take care of itself. Hayek did not favor inflation, and felt it was an evil that ruined society and damaged democracy.…

    • 1155 Words
    • 5 Pages
    Better Essays
  • Good Essays

    Keynes Vs Hayek

    • 830 Words
    • 4 Pages

    In many of the history books that have been written, there is usually talk of two separate entities battling for the highest spot on the ladder of war and economic prosperity. Along the lines of these readings, there is also discussion of the battle against free market and government control. One piece excerpted from these history discussions is the struggle between the ideas of John Maynard Keynes and Friedrich von Hayek that arose during the 20th century. Both of these men held large ideas on how a country’s economy should be run. As time passed between the 1900’s and the turn of the millennium, the ideas of these men would lead to the greatest battle the world would then see. Instead of using gunpowder and steel as weapons in this war, much…

    • 830 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Galbraith

    • 796 Words
    • 4 Pages

    He was America’s most famous economist for good reason. A witty commentator on America’s political follies and a versatile author of bestselling books that warn prophetically of the dangers of deregulated markets, corporate greed, and inattention to the costs of our military power including the “THE NEW INDUSTRIAL STATE”. Galbraith always made economics relevant to the crises of the day.…

    • 796 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Commanding Heights Essay

    • 7534 Words
    • 31 Pages

    Keynes was a prominent economic advisor to the British government during and after WWI. He strongly opposed the Treaty of Versailles terms that forced Germany to make ruinous war reparations to the Allies because he saw it would destroy their economy, which in turn would lead to sociopolitical instability.…

    • 7534 Words
    • 31 Pages
    Good Essays
  • Better Essays

    What Is Liberalism?

    • 1074 Words
    • 5 Pages

    Mizuhara, Sohei, and Jochen Runde. The Philosophy of Keynes ' Economics: Probability, Uncertainty and Convention. London: Routledge, 2003. Print.…

    • 1074 Words
    • 5 Pages
    Better Essays