Western Economists 20th-Century Economists (Keynesian economics)
Name	John Maynard Keynes
Birth	June 5, 1883(1883-06-05) Cambridge, England
Death	April 21, 1946 (aged 62) Tilton, East Sussex, England
School/tradition	Keynesian
Main interests	economics, political economy, Probability
Notable ideas	Spending multiplier
Influenced by	Knut Wicksell, Arthur C. Pigou, Alfred Marshall, Adam Smith, David Ricardo, Dennis Robertson, Karl Marx, Thomas Malthus, Michal Kalecki, J.S. Mill, Alfred Marshall
Influenced	T. K. Whitaker, Michał Kalecki Simon Kuznets, Paul Samuelson, John Hicks, G.L.S. Shackle, Silvio Gesell, William Vickrey, Galbraith

John Maynard Keynes, 1st Baron Keynes CB (pronounced /ˈkeɪnz/ "cains") (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory as well as on many governments' fiscal policies. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist Events 70 - Titus and his Roman Legions breach the middle wall of Jerusalem in the Siege of Jerusalem Year 1883 ( MDCCCLXXXIII) was a Common year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Common The city of Cambridge (ˈkeɪmbrɪdʒ is a university town and the administrative centre of the county of Cambridgeshire, England England is a Country which is part of the United Kingdom. Its inhabitants account for more than 83% of the total UK population whilst its mainland Events 753 BC - Romulus and Remus found Rome ( traditional date) Year 1946 ( MCMXLVI) was a Common year starting on Tuesday (link will display full 1946 calendar of the Gregorian calendar. East Sussex is a county in South East England. It is bordered by the counties of Kent, Surrey and West Sussex, and to the England is a Country which is part of the United Kingdom. Its inhabitants account for more than 83% of the total UK population whilst its mainland In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist Economics is the social science that studies the production distribution, and consumption of goods and services. Political economy originally was the term for studying production buying and selling and their relations with law custom and government Probability is the likelihood or chance that something is the case or will happen In economics the multiplier effect refers to the idea that an initial spending rise can lead to an even greater increase in National income. Johan Gustaf Knut Wicksell ( December 20, 1851 in Stockholm &ndash May 3, 1926 in Stocksund) was a Swedish Arthur Cecil Pigou ( November 18, 1877 &ndash March 7, 1959) was an English Economist. Alfred Marshall (born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge Adam Smith ( baptised 16 June 1723 – 17 July 1790) was a Scottish moral philosopher and a pioneer of Political economy. David Ricardo (18 April 1772 &ndash 11 September 1823 was an English political economist, often credited with systematizing economics and was one of the most influential Sir Dennis Holme Robertson ( 23 May 1890 – 21 April 1963) was an English economist who taught at Cambridge Thomas Robert Malthus FRS (13 February 1766 – 23 December 1834 was an English political economist and demographer who expressed views Michał Kalecki ( June 22, 1899 – April 18, 1970) was a Polish economist who specialized in Macroeconomics John Stuart Mill (20 May 1806 &ndash 8 May 1873 British Philosopher, political economist, civil servant and Member of Parliament, was an influential Alfred Marshall (born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge TK "Ken" Whitaker (born December 1916 is a former Irish Economist and public servant, credited with a pivotal role in the economic development Michał Kalecki ( June 22, 1899 – April 18, 1970) was a Polish economist who specialized in Macroeconomics Simon Smith Kuznets ( April 30, 1901 July 8, 1985) was an American Economist at the Wharton School of the University Paul Anthony Samuelson (born May 15, 1915) is an American neoclassical Economist known for his contributions to many fields of Sir John Richard Hicks ( April 8, 1904 May 20, 1989) was one of the most important and influential Economists and Religious Inclusivists George Lennox Sharman Shackle ( 14 July, 1903 - 3 March, 1992) was an English Economist. Silvio Gesell (born March 17 1862 in Sankt Vith (now Belgium) died March 11 1930 in Oranienburg) was a William Spencer Vickrey ( June 21, 1914, Victoria British Columbia - October 11, 1996, New York State), US citizen The Most Honourable Order of the Bath (formerly The Most Honourable Military Order of the Bath) is a British Order of chivalry founded by George Events 70 - Titus and his Roman Legions breach the middle wall of Jerusalem in the Siege of Jerusalem Year 1883 ( MDCCCLXXXIII) was a Common year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Common Events 753 BC - Romulus and Remus found Rome ( traditional date) Year 1946 ( MCMXLVI) was a Common year starting on Tuesday (link will display full 1946 calendar of the Gregorian calendar. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located An economist is an expert in the Social science of Economics. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist He advocated interventionist government policy, by which the government would use fiscal and monetary measures to mitigate the adverse effects of economic recessions, depressions and booms. Economic interventionism, is a common term used to describe any activity beyond the basic regulation of fraud and enforcement of contracts undertaken by a government in an effort to affect A recession is a contraction phase of the Business cycle. The U In Economics, a depression is a term commonly used for a sustained downturn in one or more national economies In Economics, the term boom and bust refers to the movement of an economy through Economic cycles. He is one of the fathers of modern theoretical macroeconomics. Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole

Contents 1 Biography 1.1 Personal and marital life 1.2 Education 1.3 Career 1.4 Economic thought 1.5 Arts Council of Great Britain 1.6 British Eugenics Society 1.7 Death 2 Influence 3 Criticism 3.1 From Hayek 3.2 From Friedman 4 Other notes 5 Bibliography 6 See also 7 Notes 8 External links 9 References

Biography

Personal and marital life

Born at 14 Harvey Road, Cambridge^[1], John Maynard Keynes was the son of John Neville Keynes, an economics lecturer at Cambridge University, and Florence Ada Brown, a successful author and a social reformer. The city of Cambridge (ˈkeɪmbrɪdʒ is a university town and the administrative centre of the county of Cambridgeshire, England John Neville Keynes ( 31 August 1852 - 15 November 1949) was a British Economist and father of John Maynard Keynes The University of Cambridge (often Cambridge University) located in Cambridge, England, is the second-oldest university in the Florence Ada Keynes (née Brown (1861 -- February 1958 was a British author and Social reformer. His younger brother Geoffrey Keynes (1887–1982) was a surgeon and bibliophile and his younger sister Margaret (1890–1974) married the Nobel-prize-winning physiologist Archibald Hill. Sir Geoffrey Langdon Keynes ( March 25, 1887 in Cambridge – July 5, 1982, in Cambridge) was an English Biographer Bibliophilia is the love of Books Accordingly a bibliophile loves books but especially "for Qualities of Format. Archibald Vivian Hill CH CBE FRS ( 26 September 1886 &ndash 3 June 1977) was an English Physiologist

Keynes' early romantic and sexual relationships were almost all with men. ^[2] Homosexuality was not unusual in the Bloomsbury group in which Keynes was avidly involved. The Bloomsbury Group was an English collectivity of loving friends and relatives who lived in or near London during the first half of the twentieth century One of his great loves was the artist Duncan Grant, whom he met in 1908, and he was also involved with the writer Lytton Strachey. Duncan James Corrowr Grant (21 January 1885 – 8 May 1978 was a Scottish painter and member of the Bloomsbury Group. Giles Lytton Strachey (ˈdʒaɪlz ˈlɪtən ˈstreɪtʃɪ 1 March 1880 &ndash 21 January 1932 was a British writer and critic ^[2] Keynes appeared to turn away from homosexual relationships around the time of the first World War. ^[2] In 1918, he met Lydia Lopokova, a well-known Russian ballerina, and they married in 1925. Lydia Vasilyevna Lopokova Baroness Keynes ( October 21, 1892 - June 8, 1981; Лидия Васильевна Лопухова was a famous Russia (Россия Rossiya) or the Russian Federation ( Rossiyskaya Federatsiya) is a transcontinental Country extending See also,,, A ballerina ( Italian for female dancer) is a Female Ballet Dancer; the male equivalent to this title ^[2]

Keynes was ultimately a successful investor, building up a substantial private fortune. See Investor AB for the Swedish investment company An investor is any party that makes an Investment. He was nearly wiped out following the Stock Market Crash of 1929, but he soon recouped his fortune. A stock market crash is a sudden dramatic decline of Stock prices across a significant cross-section of a Stock market. He enjoyed collecting books: for example, he collected and protected many of Isaac Newton's papers. Sir Isaac Newton, FRS (ˈnjuːtən 4 January 1643 31 March 1727) Biography Early years See also Isaac Newton's early life and achievements He was interested in literature in general and drama in particular and supported the Cambridge Arts Theatre financially, which allowed the institution to become, at least for a while, a major British stage outside of London.

Bertrand Russell named Keynes the most intelligent person he had ever known, commenting, "Every time I argued with Keynes, I felt that I took my life in my hands, and I seldom emerged without feeling something of a fool. Bertrand Arthur William Russell 3rd Earl Russell, OM, FRS (18 May 1872 – 2 February 1970 was a British Philosopher, Historian A jester, joker, jokester, fool, wit-cracker, prankster, or buffoon is a member of a profession that came into popularity " Keynes also famously commented to his wife that he had "met God on the 5:15 train" when he received Russell's protégé Ludwig Wittgenstein on behalf of Cambridge.

Education

Keynes enjoyed an elite early education at Eton, where he displayed talent in a wide range of subjects; particularly mathematics, classics and history. Eton College, or just Eton, is a world-famous British Independent school for boys founded in 1440 by King Henry VI. His abilities were remarkable for their sheer diversity. He entered King’s College, Cambridge, in 1902, to study mathematics, but his interest in politics led him towards the field of economics, which he studied at Cambridge under A.C. Pigou and Alfred Marshall. King's College Cambridge is a constituent college of the University of Cambridge. Mathematics is the body of Knowledge and Academic discipline that studies such concepts as Quantity, Structure, Space and Economics is the social science that studies the production distribution, and consumption of goods and services. Arthur Cecil Pigou ( November 18, 1877 &ndash March 7, 1959) was an English Economist. Alfred Marshall (born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge Marshall is believed to have prompted Keynes's shift in interest from mathematics and classics to economics. It was at this time when he became the President of the Cambridge University Liberal Club Keynes received his B. Cambridge Student Liberal Democrats, the student branch of the Liberal Democrats for students at both Cambridge University and the Anglia Ruskin University A. in 1905 and his M. A. in 1908.

Career

Keynes accepted a lectureship at Cambridge in economics funded personally by Alfred Marshall, from which position he began to build his reputation. Alfred Marshall (born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge Soon he was appointed to the Royal Commission on Indian Currency and Finance, where he showed his considerable talent at applying economic theory to practical problems.

His expertise was in demand during the First World War. He worked for the Adviser to the Chancellor of the Exchequer and to the Treasury on Financial and Economic Questions. Among his responsibilities were the design of terms of credit between Britain and its continental allies during the war, and the acquisition of scarce currencies.

At this latter endeavor Keynes’ “nerve and mastery became legendary,” in the words of Robert Lekachman, as in the case where he managed to put together — with difficulty — a small supply of Spanish pesetas and sold them all to break the market: it worked, and pesetas became much less scarce and expensive. Robert Lekachman (1920 &ndash 14 January 1989) was an economist known for his extensive advocacy of state intervention, and for a debating style characterized The peseta ( ISO 4217 code ESP standard abbreviation Pta Pts or Ptas These accomplishments led eventually to the appointment that would have a huge effect on Keynes’ life and career: financial representative for the Treasury to the 1919 Paris Peace Conference.

Keynes' career lifted off as an adviser to the British finance department from 1915 – 1919 during World War I, and their representative at the Versailles peace conference in 1919. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The finance minister is a Cabinet position in a Government. A minister of Finance (also called financial affairs the treasury the economy or economic World War I (abbreviated WWI; also known as the First World War, the Great War, and the War to End All The Treaty of Versailles was one of the peace treaties at the end of World War I. His observations appeared in the highly influential book The Economic Consequences of the Peace in 1919, followed by A Revision of the Treaty in 1922. The Economic Consequences of the Peace (1919 is a book published by John Maynard Keynes. Using statistics provided to him by the German delegation, he argued that the reparations which Germany was forced to pay to the victors in the war were too large, would lead to the ruin of the German economy and result in further conflict in Europe. Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. These predictions were borne out when the German economy suffered in the hyperinflation of 1923. Certain figures in this article use Scientific notation for readability Only a fraction of reparations were ever paid.

Keynes published his Treatise on Probability in 1921, a notable contribution to the philosophical and mathematical underpinnings of probability theory, championing the important view that probabilities were no more or less than truth values intermediate between simple truth and falsity. Probability theory is the branch of Mathematics concerned with analysis of random phenomena He attacked the deflation policies of the 1920s with A Tract on Monetary Reform in 1923, a trenchant argument that countries should target stability of domestic prices and propose flexible exchange rates. The Treatise on Money (1930) (2 volumes) effectively set out his Wicksellian theory of the credit cycle. Johan Gustaf Knut Wicksell ( December 20, 1851 in Stockholm &ndash May 3, 1926 in Stocksund) was a Swedish

As Keynes recognizes in his magnum opus which was published in 1936, the General Theory of Employment, Interest and Money, his efforts challenged the economic paradigm. Magnum opus (sometimes Opus magnum, plural magna opera) from the Latin meaning great work, refers to the best the greatest The General Theory of Employment Interest and Money was written by the English economist John Maynard Keynes. Classical economics is widely regarded as the first modern school of economic thought. In the foreword to the German edition of the General Theory , ^[3] Keynes states that "the theory of aggregated production, which is the point of the following book, nevertheless can be much easier adapted to the conditions of a totalitarian state (eines totalen Staates) than the theory of production and distribution of a given production put forth under conditions of free competition and a large degree of laissez-faire. "

In this book Keynes put forward a theory based upon the notion of aggregate demand to explain variations in the overall level of economic activity, such as were observed in the Great Depression. In Economics, aggregate demand is the total demand for final goods and services in the economy ( Y) at a given time and Price level. The total income in a society is defined by the sum of consumption and investment; and in a state of unemployment and unused production capacity, one can only enhance employment and total income by first increasing expenditures for either consumption or investment. The book was indexed by Keynes's student, later the economist David Bensusan-Butt. David Bensusan-Butt ( July 24, 1914, Colchester — March 25, 1994, London) was an English Economist

The total amount of saving in a society is determined by the total income and thus, the economy could achieve an increase of total saving, even if the interest rates were lowered to increase the expenditures for investment. The book advocated activist economic policy by government to stimulate demand in times of high unemployment, for example by spending on public works. Unemployment occurs when a person is available to work and currently seeking work but the person is without work. The book is often viewed as the foundation of modern macroeconomics. Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole Historians agree that Keynes influenced U. S. president Roosevelt's New Deal, but disagree as to what extent. The New Deal was the name that United States President Franklin D Deficit spending of the sort the New Deal began in 1938 had previously been called "pump priming" and had been endorsed by President Herbert Hoover. Herbert Clark Hoover (August 10 1874 &ndash October 20 1964 was the thirty-first President of the United States (1929–1933 Few senior economists in the U. S. agreed with Keynes in the 1930s. With time, however, his ideas became more widely accepted. ^[4]

In 1942, Keynes was a highly recognized economist and was raised to the House of Lords as Baron Keynes, of Tilton in the County of Sussex, where he sat on the Liberal benches. The House of Lords is the second house of the Parliament of the United Kingdom and is also commonly referred to as "the Lords" The Liberal Party was one of the two major British political parties from the early 19th century until the rise of the Labour Party in the 1920s and a third party During World War II, Keynes argued in How to Pay for the War that the war effort should be largely financed by higher taxation, rather than deficit spending, in order to avoid inflation. World War II, or the Second World War, (often abbreviated WWII) was a global military conflict which involved a majority of the world's nations, including Deficit spending is the amount by which a government private company or individual's spending exceeds income over a particular period of time also called simply "deficit" In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time As Allied victory began to look certain, Keynes was heavily involved, as leader of the British delegation and chairman of the World Bank commission, in the negotiations that established the Bretton Woods system. The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states The Keynes-plan, concerning an international clearing-union argued for a radical system for the management of currencies, involving a world central bank, the International Clearing Union, responsible for a common world unit of currency, the Bancor. The International Clearing Union (ICU was one of the institutions proposed to be set up at the 1944 United Nations Monetary and Financial Conference at Bretton Woods New A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states The International Clearing Union (ICU was one of the institutions proposed to be set up at the 1944 United Nations Monetary and Financial Conference at Bretton Woods New The bancor was an international Currency that was proposed by John Maynard Keynes, as leader of the British delegation and chairman of the World Bank commission in The USA's greater negotiating strength, however, meant that the final outcomes accorded more closely to the less radical plans of Harry Dexter White. Harry Dexter White ( October 9, 1892 &ndash August 16, 1948) was an American economist and senior U

Keynes wrote Essays in Biography and Essays in Persuasion, the former giving portraits of economists and notables, whilst the latter presents some of Keynes' attempts to influence decision-makers during the Great Depression. Keynes was editor in chief for the Economic journal from 1912. The Economic Journal is one of the leading scholarly journals of Economics. He was also a member of the Liberal Party. The Liberal Party was one of the two major British political parties from the early 19th century until the rise of the Labour Party in the 1920s and a third party

Economic thought

Main article: The General Theory of Employment, Interest, and Money

In his magnum opus, The General Theory of Employment, Interest, and Money (1936), Keynes laid the foundation for the branch of economics termed "Macroeconomics" today. The General Theory of Employment Interest and Money was written by the English economist John Maynard Keynes. Magnum opus (sometimes Opus magnum, plural magna opera) from the Latin meaning great work, refers to the best the greatest The General Theory of Employment Interest and Money was written by the English economist John Maynard Keynes. Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole Based on the methods devised by Alfred Marshall, he argued that macroeconomic relationships differ from their microeconomic counterparts because the ceteris paribus clauses applicable to different levels of aggregation differ. Alfred Marshall (born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge la Cēterīs paribus is a Latin phrase literally translated as "with other things the same The innovation in his core argument is to stop taking prices and wages as perfectly flexible, arguing instead for a certain degree of stickiness. Thanks to stickiness, it is established that the interaction of "aggregate demand" (in his sense) and "aggregate supply" (in his sense) may lead to stable unemployment equilibria. His work on employment went against the idea that the market ultimately settles at a state of full employment - a central tenet of Classical economists. Instead he argued that there exists a continuum of equilibria, the full employment equilibrium position being just one of them. (This idea underlies the choice of the title "General Theory": the classical theory being just a special case. )

His main contribution can be seen in establishing an approach to macroeconomics that maintains its relationship to the underlying microeconomic behaviors, but assumes a form qualitatively different from microeconomic models. (This contrasts with the assumption made in New Classical Economics where macro relationships are modelled analogously to micro-relationships, →Robert Lucas, Jr.). New classical macroeconomics emerged as a school in Macroeconomics during the 1970s Robert Emerson Lucas Jr (born September 15, 1937, Yakima Washington) is an American Economist at the University of Chicago

He assumed that (marginal) labour productivity decreases with expanding employment. This is incompatible with the empirical findings summarized in Okun's Law. Economics, Okun's law, named after Economist Arthur Okun who proposed the relationship in 1962 (Prachowny 1993 describes an inverse relationship between He combined this position with the marginal productivity theory of wages, implying that real wages decrease with increasing employment. The marginal revenue productivity theory of wages also referred to as the marginal revenue product of labor is the change in total revenue earned by a firm that results from employing one more unit This was shown to be empirically incorrect by the economist Dunlop, and Keynes accepted this. Keynes also suggested in the General Theory that inflation would occur only near "full employment" (in his sense), but it has been observed in many cases that inflation creeps up in states of severe underemployment (Stagflation). Stagflation is an economic situation in which Inflation and Economic stagnation occur simultaneously and remain unchecked for a period of time The assumption entertained by Keynes that inflation can only occur near full employment is still maintained in modern macroeconomics (→NAIRU). The term NAIRU is an Acronym for N on- A ccelerating '''I'''nflation R ate of '''U'''nemployment. Keynes held that the cause of unemployment is a too high rate of savings, or insufficient investment expenditure. He conjectured that the amount of labour supplied is different when the decrease in real wages is due to a decrease in the money wage, than when it is due to an increase in the price level, assuming money wages stay constant. This conjecture relates to the "actual attitudes of workers" and is "not theoretically fundamental," although the New Keynesian economics emphasizes this point. New Keynesian economics is a school of contemporary Macroeconomics that strives to provide microeconomic foundations for Keynesian economics.

In his Theory of Money, Keynes said that savings and investment were independently determined. The amount saved had little to do with variations in interest rates which in turn had little to do with how much was invested. Keynes thought that changes in saving depended on the changes in the predisposition to consume which resulted from marginal, incremental changes to income. Therefore, investment was determined by the relationship between expected rates of return on investment and the rate of interest.

Arts Council of Great Britain

Keynes' personal interest in Classical Opera and Dance focused on his support of the Royal Opera House, Covent Garden and the Ballet Company at Sadlers Wells. Sadler's Wells Theatre is the name of six theatres that have been built since 1683 at a site on Rosebery Avenue Clerkenwell in the London Borough of Islington During the War as a member of CEMA (Council for the Encouragement of Music and the Arts) Keynes helped secure government funds to maintain both companies while their venues were shut. Following the War Keynes was instrumental in establishing the Arts Council of Great Britain and was the founding Chairman in 1946. The Arts Council of Great Britain was a Non-departmental public body dedicated to the promotion of the Fine arts in Great Britain. Unsurprisingly from the start the two organizations that received the largest grant from the new body were the Royal Opera House and Sadlers Wells.

British Eugenics Society

Keynes served on the board of directors of the British Eugenics Society in 1945, even as documented proof of the Nazi concentration camps were becoming more widely known in Great Britain during the final year of World War II as British and American troops liberated several concentration camps in Germany. The Galton Institute is a Learned society based in the United Kingdom. Even so, in 1946 before his death, Keynes still declared eugenics "the most important, significant and, I would add, genuine branch of sociology which exists. Eugenics is a social Philosophy which advocates the improvement of Human Hereditary traits through various forms of intervention "^[5]

Death

Keynes died of myocardial infarction (heart attack) at his holiday home in Tilton, East Sussex, his heart problems being aggravated by the strain of working on post-war international financial problems. Myocardial infarction ( MI or AMI for acute myocardial infarction) also known as a heart attack, occurs when the blood supply He died soon after he arranged a guarantee of an Anglo-American loan to Great Britain, a process he described as "absolute hell". The Anglo-American loan was a post- Second World War loan made to the United Kingdom by the United States in 1946 ^[6] Keynes' father, John Neville Keynes (1852 – 1949) outlived his son by three years. John Neville Keynes ( 31 August 1852 - 15 November 1949) was a British Economist and father of John Maynard Keynes Keynes's brother Sir Geoffrey Keynes (1887 – 1982) was a distinguished surgeon, scholar and bibliophile. Sir Geoffrey Langdon Keynes ( March 25, 1887 in Cambridge – July 5, 1982, in Cambridge) was an English Biographer Surgery (from the χειρουργική cheirourgikē, via chirurgiae meaning "hand work" is a medical specialty that uses operative manual and instrumental Scholarly method &mdash or as it is more commonly called scholarship &mdash is the body of principles and practices used by scholars to make their claims about the world as Bibliophilia is the love of Books Accordingly a bibliophile loves books but especially "for Qualities of Format. His nephews include Richard Keynes (born 1919) a physiologist; and Quentin Keynes (1921 – 2003) an adventurer and bibliophile. Richard Darwin Keynes CBE FRS (born 14 August 1919) is a British Physiologist. Physiology (from Greek grc φύσις physis, "nature origin" and grc -λογία -logia) is the study of the mechanical physical Quentin George Keynes ( 17 June 1921 - 26 February 2003) was a Bibliophile. Bibliophilia is the love of Books Accordingly a bibliophile loves books but especially "for Qualities of Format.

Influence

Keynes' theories were so influential, even when disputed, that a subfield of Macroeconomics called Keynesian economics is further developing and discussing his theories and their applications. Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist John Maynard Keynes had several cultural interests and was a central figure in the so-called Bloomsbury group, consisting of prominent artists and authors in Britain. The Bloomsbury Group was an English collectivity of loving friends and relatives who lived in or near London during the first half of the twentieth century His autobiographical essays Two Memoirs appeared in 1949. An autobiography, from the Greek αὐτός autos "self" βίος bios "life" and γράφειν graphein "to write"

Criticism

From Hayek

Friedrich von Hayek extensively critiqued Keynes's 1930 Treatise on Money,^[7] only to have Keynes assert that the Treatise no longer reflected his thinking. Friedrich August von Hayek CH ( May 8, 1899 March 23, 1992) was an Austrian British Economist However, after reading Hayek's The Road to Serfdom Keynes said, "In my opinion it is a grand book . The Road to Serfdom is a book written by Friedrich Hayek (recipient of the Nobel Memorial Prize in Economic Sciences in 1974 which has significantly . . Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement. " Keynes was known, however, to open his letters with such complimentary language. He concluded the same letter with the prophecy, "What we need therefore, in my opinion, is not a change in our economic programmes, which would only lead in practice to disillusion with the results of your philosophy; but perhaps even the contrary, namely, an enlargement of them. Your greatest danger is the probable practical failure of the application of your philosophy in the United States. " ^[8] On the pressing issue of the time, whether deficit spending could lift a country from depression, Keynes replied to Hayek's criticism in the following way,

"I should. . . conclude rather differently. I should say that what we want is not no planning, or even less planning, indeed I should say we almost certainly want more. But the planning should take place in a community in which as many people as possible, both leaders and followers wholly share your own moral position. Moderate planning will be safe enough if those carrying it out are rightly oriented in their own minds and hearts to the moral issue. This is in fact already true of some of them. But the curse is that there is also an important section who could be said to want planning not in order to enjoy its fruits but because morally they hold ideas exactly the opposite of yours, and wish to serve not God but the devil. ^[9]

Hayek explained the first section of the letter saying that this is "because Keynes believed that he was fundamentally still a classical English liberal and wasn't quite aware of how far he had moved away from it. John Maynard Keynes 1st Baron Keynes CB (ˈkeɪnz "cains" (5 June 1883 &ndash 21 April 1946 was a British Economist whose ideas His basic ideas were still those of individual freedom. He did not think systematically enough to see the conflicts. "^[10]

The Keynes-Hayek conflict was but one battle in the Cambridge-LSE war. The city of Cambridge (ˈkeɪmbrɪdʒ is a university town and the administrative centre of the county of Cambridgeshire, England The London School of Economics and Political Science, more commonly referred to as The London School of Economics or LSE, is a specialist college of the Hayek also felt that application of Keynes policies gives too much power to the state and leads to socialism. Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the Means of production and distribution ^[11]

From Friedman

While Milton Friedman described The General Theory as 'a great book', he argues that its implicit separation of nominal from real magnitudes is neither possible nor desirable; macroeconomic policy, Friedman argues, can reliably influence only the nominal. Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual. The distinction between real versus nominal value occurs in many fields ^[12]. He and other monetarists have consequently argued that Keynesian economics can result in stagflation, the combination of low growth and high inflation that developed economies suffered in the early 1970s. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist Stagflation is an economic situation in which Inflation and Economic stagnation occur simultaneously and remain unchecked for a period of time More to Friedman's taste was the Tract on Monetary Reform (1923), which he regarded as Keynes's best work because of its focus on maintaining domestic price stability. ^[12]

Other notes

• On inflation, Keynes wrote in The Economic Consequences of the Peace: "Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time The Economic Consequences of the Peace (1919 is a book published by John Maynard Keynes. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. " . . . "Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. "

• On Karl Marx's work, Keynes wrote in 1931, "How can I accept the [Communist] doctrine, which sets up as its bible, above and beyond criticism, an obsolete textbook which I know not only to be scientifically erroneous but without interest or application to the modern world? How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeoisie and the intelligentsia, who with all their faults, are the quality of life and surely carry the seeds of all human achievement? Even if we need a religion, how can we find it in the turbid rubbish of the red bookshop? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values. "^[13]

• Winston Churchill was quoted as saying: "If you put two economists in a room, you get two opinions, unless one of them is Lord Keynes, in which case you get three opinions. Sir Winston Leonard Spencer-Churchill, KG, OM, CH, TD, FRS, PC, PC (Can ( 30 November 1874 "

Bibliography

• The Economic Consequences of the Peace (1919)
• Tract on Monetary Reform (1923)
• A Treatise On Probability
• Essays in Persuasion (1931)
• The General Theory of Employment, Interest, and Money (1936)

See also

Keynes family

General

• Keynesian economics or Keynesianism
• Stockholm School
• Michał Kalecki
• Simon Kuznets
• Paul Samuelson
• John Hicks
• John Kenneth Galbraith
• G.L.S. Shackle
• Silvio Gesell
• William Vickrey

Influences on Keynes work

• Knut Wicksell
• Arthur C. Pigou
• Alfred Marshall
• Adam Smith
• David Ricardo
• Dennis Robertson
• Karl Marx
• Thomas Malthus
• Michal Kalecki
• J.S. Mill

Notes

External links

• John Maynard Keynes (Great Thinkers in Economics) by Paul Davidson (Oct. 2, 2007)
• Bio, bibliography, and links
• Works by John Maynard Keynes at Project Gutenberg
• The Keynesian Revolution
• Bio at Time 100 - the most important people of the century
• John Maynard Keynes, The Economic Consequences of the Peace (1919)
• John Maynard Keynes, The end of laissez-faire (1926)
• John Maynard Keynes, An Open Letter to President Roosevelt (1933)
• John Maynard Keynes, The General Theory of Employment, Interest and Money (1936)
• Eton College Keynes (Economics) Society
• Short bio with birth location
• Escoffier, Jeffrey. "Keynes, John Maynard." In Glbtq: An Encyclopedia of Gay, Lesbian, Bisexual, Transgender, and Queer Culture. glbtq, Inc.: Chicago, 2004.
• Essays on John Maynard Keynes and Robert Lekachman by Reuben L. Project Gutenberg, abbreviated as PG, is a volunteer effort to Digitize, archive and distribute Cultural works Norman Jr. , Ph. D. ( 1998-2007 )
• Smith, Marx, Kondratieff and Keynes: Their Intellectual Life Spans, the Convergence of their Theories based upon the Long Wave Hypothesis and the Internet by Reuben L. Norman Jr. , Ph. D. ( June 6, 1998 )
• Keynes's Career and Biographical Timeline
• Biography of Keynes by David Gowland

References

• The Economic Consequences of Mr. Keynes: How the Second Industrial Revolution Passed Great Britain By, Bernard C. Beaudreau, iUniverse, 2006, ISBN 0-595-41661-6
• Essays on John Maynard Keynes, Milo Keynes (Editor), Cambridge University Press, 1975, ISBN 0-521-20534-4
• The Life of John Maynard Keynes, R. Dr William Milo Keynes, MA, DM, MD, MCh, FRCS (born 1924 is a British doctor and author F. Harrod, London, Macmillan, 1951, ISBN 1-12-539598-2
• "Keynes, John Maynard," Don Patinkin, The New Palgrave: A Dictionary of Economics, v. The New Palgrave A Dictionary of Economics (1987 is a 4-volume reference edited by John Eatwell, Murray Milgate and Peter Newman 2, 1987, pp. 19-41. Macmillan ISBN 0-333-37235-2 (US Edition: ISBN 0-935859-10-1)
• John Maynard Keynes: Hopes Betrayed 1883-1920, Robert Skidelsky, Papermac, 1992, ISBN 0-333-57379-X (US Edition: ISBN 0-14-023554-X)
• John Maynard Keynes: The Economist as Saviour 1920-1937, Robert Skidelsky, Papermac, 1994, ISBN 0-333-58499-6 (US Edition: ISBN 0-14-023806-9)
• The Commanding Heights: The Battle for the World Economy, Daniel Yergin with Joseph Stanislaw, New York: Simon & Schuster, 1998, ISBN 0-684-82975-4
• John Maynard Keynes: Fighting for Britain 1937-1946 (published in the United States as Fighting for Freedom), Robert Skidelsky, Papermac, 2001, ISBN 0-333-77971-1 (US Edition: ISBN 0-14-200167-8)
• Lytton Strachey, Michael Holroyd, 1995, ISBN 0-393-32719-1

Peerage of the United Kingdom
Preceded by New Creation	Baron Keynes 1942-46	Succeeded by Extinct

Persondata
NAME	Keynes, John Maynard, 1st Baron Keynes
ALTERNATIVE NAMES
SHORT DESCRIPTION	British economist
DATE OF BIRTH	5 June 1883
PLACE OF BIRTH	Cambridge, UK
DATE OF DEATH	21 April 1946
PLACE OF DEATH	Tilton, East Sussex, UK

\

Robert Jacob Alexander Skidelsky Baron Skidelsky (born 25 April 1939 in Harbin China is a British Economist of Russian origin and the author of a award-winning Giles Lytton Strachey (ˈdʒaɪlz ˈlɪtən ˈstreɪtʃɪ 1 March 1880 &ndash 21 January 1932 was a British writer and critic Sir Michael De Courcy Fraser Holroyd, CBE (born August 27, 1935) is a biographer, born in London and educated at Eton College The Peerage of the United Kingdom comprises most Peerages created in the United Kingdom of Great Britain and Ireland after the Act of Union in 1801 when An economist is an expert in the Social science of Economics. Events 70 - Titus and his Roman Legions breach the middle wall of Jerusalem in the Siege of Jerusalem The city of Cambridge (ˈkeɪmbrɪdʒ is a university town and the administrative centre of the county of Cambridgeshire, England Events 753 BC - Romulus and Remus found Rome ( traditional date)

---

© 2009 citizendia.org; parts available under the terms of GNU Free Documentation License, from http://en.wikipedia.org
Dapyx Software network: MP3 Explorer | Ebook Manager | Zenithic