Keynes Essays In Biography

Our editors will review what you’ve submitted and determine whether to revise the article.Join Britannica's Publishing Partner Program and our community of experts to gain a global audience for your work! Having completed a revised dissertation on probability, he was elected a fellow of King’s College in 1909.Two of Keynes’s opinions did foreshadow the theoretical revolution he triggered in the 1930s.

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John Maynard Keynes studied at Eaton College (1897–1902) and at King’s College, Cambridge, where he received a B. John Maynard Keynes was an economic analyst in the India Office, a teacher at Cambridge, the de facto financial manager of Britain’s war effort during World War I, and (in an unpaid capacity) the country’s chief economic representative to the United States and international fora during and immediately after World War II.

The basic and revolutionary idea of Keynesian economics—that recessions can be mitigated and unemployment more effectively reduced by government spending designed to increase aggregate demand—strongly influenced the fiscal policies of Western governments until the 1970s and later inspired successful responses by many governments to the Great Recession of 2007–09.

With the additions made in 19, the book contains almost all of Keynes's biographical writings: his savage portraits of the architects of the Treaty of Versailles and sketches of other politicians, including Asquith and Churchill; some classic accounts of the lives of economists; a pair of autobiographical memoirs; a short study of Newton; and many acute and affectionate character sketches of friends.

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Nevertheless the theory of output as a whole, which is what the following book purports to provide, is much more easily adapted to the conditions of a totalitarian state, than is the theory of production and distribution of a given output produced under conditions of free competition and a large measure of laissez-faire.

Keynes’s long-run influence has not been as significant as his short-run impact.The Keynesian model was a core part of economics textbooks from the late 1940s until the late 1980s.But as economists have become more concerned about economic growth, and more informed about inflation and unemployment, the Keynesian model has lost Keynes’s last major written work. Governments, many of them looking for excuses to increase spending, wholeheartedly accepted Keynes’s views.Most of his professional colleagues also accepted his views.Reconciled by this time with Lloyd George (who was never to return to office), he supported the Liberal Party’s program of public works to take the unemployed off welfare by placing them in useful jobs.But “respectable” economists still expected the automatic adjustments of the free market to solve these problems, and the Treasury was convinced that public works were useless because any increase in the government , as it has come to be called, is one of the most influential economics books in history, yet its lack of clarity still causes economists to debate “what Keynes was really saying.” He appeared to suggest that a reduction in wage rates would not reduce unemployment; instead, the key to reducing unemployment was to increase government spending and to run a budget deficit.‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.Find out more about the Kindle Personal Document Service.He was esteemed as the most brilliant student of Marshall and fellow economist A. Pigou, authors of large, definitive works explaining how competitive markets functioned, how businesses operated, and how individuals spent their incomes.After publication of laissez-faire—only slightly tempered by public policy—as the best of all possible social arrangements.

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