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Who Was John Maynard Keynes & What Is Keynesian Economics?
Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, his ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots. During the Great Depression of the s, Keynes spearheaded a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands.
He argued that aggregate demand total spending in the economy determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment, and that labour costs and wages were rigid downwards, which means the economy will not automatically rebound to full employment. Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions.
He detailed these ideas in his magnum opus, The General Theory of Employment, Interest and Money, published in late By the late s, leading Western economies had begun adopting Keynes's policy recommendations. Almost all capitalist governments had done so by the end of the two decades following Keynes's death in As a leader of the British delegation, Keynes participated in the design of the international economic institutions established after the end of World War II but was overruled by the American delegation on several aspects.
John Maynard Keynes (1883 - 1946)
Keynes's influence started to wane in the s, partly as a result of the stagflation that plagued the Anglo-American economies during that decade, and partly because of criticism of Keynesian policies by Milton Friedman and other monetarists, who disputed the ability of government to favourably regulate the business cycle with fiscal policy. However, the advent of the global financial crisis of — sparked a resurgence in Keynesian thought.
Keynesian economics provided the theoretical underpinning for economic policies undertaken in response to the financial crisis of — by President Barack Obama of the United States, Prime Minister Gordon Brown of the United Kingdom, and other heads of governments. When Time magazine included Keynes among its Most Important People of the Century in , it stated that "his radical idea that governments should spend money they don't have may have saved capitalism.
His father, John Neville Keynes, was an economist and a lecturer in moral sciences at the University of Cambridge and his mother, Florence Ada Keynes, a local social reformer. Keynes was the first born, and was followed by two more children — Margaret Neville Keynes in and Geoffrey Keynes in Geoffrey became a surgeon and Margaret married the Nobel Prize—winning physiologist Archibald Hill, although she had many affairs with women, notably Eglantyne Jebb.
According to the economic historian and biographer Robert Skidelsky, Keynes's parents were loving and attentive.
They remained in the same house throughout their lives, where the children were always welcome to return. Keynes would receive considerable support from his father, including expert coaching to help him pass his scholarship exams and financial help both as a young man and when his assets were nearly wiped out at the onset of Great Depression in Keynes's mother made her children's interests her own, and according to Skidelsky, "because she could grow up with her children, they never outgrew home".
In January at the age of five and a half, Keynes started at the kindergarten of the Perse School for Girls for five mornings a week. He quickly showed a talent for arithmetic, but his health was poor leading to several long absences. He was tutored at home by a governess, Beatrice Mackintosh, and his mother. In January , at eight and a half, he started as a day pupil at St Faith's preparatory school.
By , Keynes was top of his class and excelling at mathematics.
John Maynard Keynes
In , St Faith's headmaster, Ralph Goodchild, wrote that Keynes was "head and shoulders above all the other boys in the school" and was confident that Keynes could get a scholarship to Eton. In , Keynes won a King's Scholarship to Eton College, where he displayed talent in a wide range of subjects, particularly mathematics, classics and history: in , he was awarded the Tomline Prize for mathematics.
Despite his middle-class background, Keynes mixed easily with upper-class pupils. In Keynes left Eton for King's College, Cambridge, after receiving a scholarship for this also to read mathematics. Alfred Marshall begged Keynes to become an economist, although Keynes's own inclinations drew him towards philosophy — especially the ethical system of G. Keynes was elected to the University Pitt Club and was an active member of the semi-secretive Cambridge Apostles society, a debating club largely reserved for the brightest students.
Like many members, Keynes retained a bond to the club after graduating and continued to attend occasional meetings throughout his life. He was said to be an atheist. In May , he received a first-class BA in mathematics. Aside from a few months spent on holidays with family and friends, Keynes continued to involve himself with the university over the next two years.
He took part in debates, further studied philosophy and attended economics lectures informally as a graduate student for one term, which constituted his only formal education in the subject.