Keynes Economic Analytical Essay
Keynes and his Economic Ideas
BUAD 610
Abstract
Due to the current economic crisis, people are again debating the essential meaning of the economic guidelines of John Maynard Keynes. Some called his ideas socialist, but in this paper I break down his readings and find out myself. I read the article on the American economist Paul Krugman and analyzed his findings and his thoughts on Keynes “The General Theory of Employment, Interest, and Money”. I go over some of the analyses of traditional economists and how some of Keynes ideas can benefit the current stature of our economy.
Another reading by Keynes that I found constructive was The End of Laissez-Faire. It is amazing to me how someone such as Keynes can have these brilliant ideas, which we can use till this day. In the reading, I analyze and review some of his ideas on free markets, and the solutions to the problem of laissez-fair. I find Keynes’s readings somewhat beneficial in our efforts to improve employment, stability and immediate and long term prosperity as well. Only half off his theory was ever applied in our economy but his influence in society will last for generations.
In John Maynard Keynes book The General Theory of Employment, Interest, and Money, Keynes proves why he is one of the few economists who have significantly affected the course of history. Even though much of his ideas were often misinterpreted throughout his life, Keynes offered lively new insights into the nature and origin of economic theories. A recent American economist, Paul Krugman wrote a synopsis on Keynes’s most well-known writing The General Theory of Employment, Interest, and Money, which was published in 1936. The article begins to articulate how Keynes worked to break down the prior ideas of traditional economics and point out its inadequacies, which became obvious during the downturn of the economy. Judging by the current condition of our economy, this article is
BUAD 610
Abstract
Due to the current economic crisis, people are again debating the essential meaning of the economic guidelines of John Maynard Keynes. Some called his ideas socialist, but in this paper I break down his readings and find out myself. I read the article on the American economist Paul Krugman and analyzed his findings and his thoughts on Keynes “The General Theory of Employment, Interest, and Money”. I go over some of the analyses of traditional economists and how some of Keynes ideas can benefit the current stature of our economy.
Another reading by Keynes that I found constructive was The End of Laissez-Faire. It is amazing to me how someone such as Keynes can have these brilliant ideas, which we can use till this day. In the reading, I analyze and review some of his ideas on free markets, and the solutions to the problem of laissez-fair. I find Keynes’s readings somewhat beneficial in our efforts to improve employment, stability and immediate and long term prosperity as well. Only half off his theory was ever applied in our economy but his influence in society will last for generations.
In John Maynard Keynes book The General Theory of Employment, Interest, and Money, Keynes proves why he is one of the few economists who have significantly affected the course of history. Even though much of his ideas were often misinterpreted throughout his life, Keynes offered lively new insights into the nature and origin of economic theories. A recent American economist, Paul Krugman wrote a synopsis on Keynes’s most well-known writing The General Theory of Employment, Interest, and Money, which was published in 1936. The article begins to articulate how Keynes worked to break down the prior ideas of traditional economics and point out its inadequacies, which became obvious during the downturn of the economy. Judging by the current condition of our economy, this article is
References: Keynes, John."John Maynard Keynes, The End of Laissez-faire (1926)." Panarchy.org : Index.Panarchy, 1926.Web.20 Jan.2012.. Krugman, Paul. "Paul Krugman: Keynes Was Right." Economist 's View. 30 Dec. 2011. Web. 27 Jan. 2012. . Rhodes, Celie."What Is Keynesian Economics?" WiseGEEK: Clear Answers for Common Questions.Conjecture Corporation, Jan.2012.Web.29 Jan.2012.. Smith, Adam (1776).Book IV, Chapter V Of Bounties .retrieved 25 January 2012, from An Inquiry into the Nature and Causes of the Wealth of Nations Web Site: http://www.econlib.org/library/Smith/smWN15.html#B.IV,%20Ch.5,%20Of%20Bounties,%20natural%20effort> "Was John Maynard Keynes a Socialist?" Celebrities - Wikinut.com : Write, Share, Earn. Dynamic Lethargy Films, 29 Oct.2010.Web.25 Jan.2012.http://www.pkarchive.org/economy/GeneralTheoryKeynesIntro.html> Zhang, Ivy."On Keynes "The End of Laissez Fair"" Come Va.Word Press, 26 Jan.2010.Web.27 Jan.2012..