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Encyclopedia > John Maynard Keynes
The Rt. Hon. the Lord Keynes

John Maynard Keynes (right) and Harry Dexter White at the Bretton Woods Conference
Born June 5, 1883(1883-06-05)
Cambridge, UK
Died April 21, 1946 (aged 62)
Tilton, East Sussex, UK
Education King's College, Cambridge
Occupation Economist
Spouse Lydia Lopokova
Parents John Neville Keynes, Florence Ada Brown

John Maynard Keynes, 1st Baron Keynes, CB (pronounced "cains", IPA /keɪnz/) (5 June 188321 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. 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. He is one of the fathers of modern theoretical macroeconomics. He is known by many for his refrain "In the long run, we are all dead." Keynes may refer to the following: People John Maynard Keynes (June 5, 1883 – April 21, 1946) an English economist Skandar Keynes (born September 5, 1991) an actor in The Chronicles of Narnia film series Richard Keynes (born 14 August 1919) a British physiologist Quentin Keynes (1921 - February 2003) a bibliophile... Download high resolution version (500x630, 95 KB) This work is copyrighted. ... Harry Dexter White (left) and John Maynard Keynes (right) at the Bretton Woods Conference Harry Dexter White (October 1892 – August 16, 1948) was an American economist and senior U.S. Treasury department official. ... Wikipedia does not have an article with this exact name. ... is the 156th day of the year (157th in leap years) in the Gregorian calendar. ... Year 1883 (MDCCCLXXXIII) was a common year starting on Monday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Saturday of the 12-day slower Julian calendar). ... Image File history File links Flag_of_the_United_Kingdom. ... This article is about the city in England. ... is the 111th day of the year (112th in leap years) in the Gregorian calendar. ... Year 1946 (MCMXLVI) was a common year starting on Tuesday (link will display full 1946 calendar) of the Gregorian calendar. ... Image File history File links Flag_of_the_United_Kingdom. ... Tilton is the name of two places in the United States: Tilton in Illinois, Tilton in New Hampshire. ... East Sussex is a county in South East England. ... Full name The King’s College of Our Lady and St Nicholas in Cambridge Motto Veritas et Utilitas Truth and usefulness Named after Henry VI Previous names - Established 1441 Sister College(s) New College, Oxford Provost Prof. ... Alan Greenspan, former chairman, United States Federal Reserve. ... Lydia Lopokova (October 21, 1892-June 8, 1981) was a famous Russian ballerina dancer during the early 20th-century and was the wife of the economist, John Maynard Keynes. ... John Neville Keynes (31 August 1852 - 15 November 1949) was a British economist and father of John Maynard Keynes. ... Florence Ada Keynes (née Brown) (1861 -- February 1958) was a British author and social reformer. ... Badge of a Companion of the Order of the Bath (Military Division) Ribbon of the Order of the Bath The Most Honourable Order of the Bath (formerly The Most Honourable Military Order of the Bath)[1] is a British order of chivalry founded by George I on May 18, 1725. ... Articles with similar titles include the NATO phonetic alphabet, which has also informally been called the “International Phonetic Alphabet”. For information on how to read IPA transcriptions of English words, see IPA chart for English. ... is the 156th day of the year (157th in leap years) in the Gregorian calendar. ... Year 1883 (MDCCCLXXXIII) was a common year starting on Monday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Saturday of the 12-day slower Julian calendar). ... is the 111th day of the year (112th in leap years) in the Gregorian calendar. ... Year 1946 (MCMXLVI) was a common year starting on Tuesday (link will display full 1946 calendar) of the Gregorian calendar. ... Alan Greenspan, former chairman, United States Federal Reserve. ... Keynesian economics (pronounced kainzian, IPA ), also called Keynesianism, or Keynesian Theory, is an economic theory based on the ideas of the 20th-century British economist John Maynard Keynes. ... Economic interventionism is a term used to describe activity undertaken by a central government to affect a countrys economy in an attempt to increase economic growth and/or standards of living. ... In macroeconomics, the definition of recession is a decline in any countrys Gross Domestic Product (GDP), or negative real economic growth, for two or more successive quarters of a year. ... WORLD OF WARCRAFT IS THE BEST GAME EVER INVENTED AND PLAY IT. IF YOU DONT PLAY WORLD OF WARCRAFT, YOU ARE A nOOb. ... In economics, the term boom and bust refers to the movement of an economy through economic cycles due to changes in aggregate demand. ... Circulation in macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole. ...

Contents

Biography

Personal and marital life

Born at 6 Melville Road, Cambridge, 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. 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. This article is about the city in 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 English-speaking world and has a reputation as one of the worlds most prestigious universities. ... Florence Ada Keynes (née Brown) (1861 -- February 1958) was a British author and social reformer. ... A Second World War era photograph showing Keynes (right) with surgeons Max Page and Col. ... Bibliophilia is the love of books; a bibliophile is a lover of books. ... Archibald Vivian Hill CH CBE FRS (September 26, 1886 – June 3, 1977) was an English physiologist, one of the founders of the diverse disciplines of biophysics and operations research. ...


Keynes' early relationships were almost all with men. One of his great loves was the artist Duncan Grant, whom he met in 1908. They remained together for several years, and remained friends for life.[1] In 1918, Keynes met Lydia Lopokova, a well-known Russian ballerina, and they married in 1925. By most accounts, the marriage was a happy one. Self Portrait, 1920, National Gallery of Scotland. ... Lydia Lopokova (October 21, 1892-June 8, 1981) was a famous Russian ballerina dancer during the early 20th-century and was the wife of the economist, John Maynard Keynes. ... Maya Plisetskaya, prima ballerina of the Bolshoi Ballet from 1943 to 1960 and prima ballerina assoluta from 1960 to 1990. ...


Keynes was ultimately a successful investor, building up a substantial private fortune. He was nearly wiped out following the Stock Market Crash of 1929, but he soon recouped his fortune. He enjoyed collecting books: for example, he collected and protected many of Isaac Newton's papers. 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. An investor is any party that makes an investment. ... Black Monday (1987) on the Dow Jones Industrial Average A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market. ... Sir Isaac Newton FRS (4 January 1643 – 31 March 1727) [ OS: 25 December 1642 – 20 March 1727][1] was an English physicist, mathematician, astronomer, natural philosopher, and alchemist. ...


Bertrand Russell named Keynes as 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." Keynes also famously commented to his wife that he had "met God on the 5:15 train" when he received Russell's protege Ludwig Wittgenstein on behalf of Cambridge. Bertrand Arthur William Russell, 3rd Earl Russell, OM, FRS, (18 May 1872 – 2 February 1970), was a British philosopher, logician, mathematician, advocate for social reform, and pacifist. ... A fool can refer to: Look up fool in Wiktionary, the free dictionary. ... Ludwig Josef Johann Wittgenstein (IPA: ) (April 26, 1889 in Vienna, Austria – April 29, 1951 in Cambridge, England) was an Austrian philosopher who contributed several ground-breaking ideas to philosophy, primarily in the foundations of logic, the philosophy of mathematics, the philosophy of language, and the philosophy of mind. ...


Education

Keynes enjoyed an elite early education at Eton, where he displayed talent in a wide range of subjects; particularly mathematics, classics and history. 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. Marshall is believed to have prompted Keynes's shift in interest from mathematics and classics to economics. Keynes received his B.A. in 1905 and his M.A. in 1908 The Kings College of Our Lady of Eton beside Windsor, commonly known as Eton College or just Eton, is a public school (privately funded and independent) for boys, founded in 1440 by King Henry VI. It is located in Eton, near Windsor in England, north of Windsor Castle, and... Full name The Kings College of Our Lady and St Nicholas Motto Veritas Et Utilitas Truth and usefulness Named after Henry VI Previous names - Established 1441 Sister College New College Provost Dame Judith Mayhew-Jonas Location Kings Parade Undergraduates 397 Graduates 239 Homepage Boatclub Kings College, Cambridge... For other meanings of mathematics or uses of math and maths, see Mathematics (disambiguation) and Math (disambiguation). ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Arthur Cecil Pigou (November 18, 1877 _ March 7, 1959) was an English economist, known for his work in many fields and particularly in welfare economics. ... Alfred Marshall Alfred Marshall (July 26, 1842–July 13, 1924), born in Bermondsey, London, England, became one of the most influential economists of his time. ...


Career

Keynes accepted a lectureship at Cambridge in economics funded personally by Alfred Marshall, from which position he began to build his reputation. 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. Alfred Marshall Alfred Marshall (July 26, 1842–July 13, 1924), born in Bermondsey, London, England, became one of the most influential economists of his time. ...


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. 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. Robert Lekachman (1920 – 14 January 1989) was a economist known for his extensive advocacy of state intervention, and for a debating style characterized by slow, signsong speech and circumlocution. ... ISO 4217 Code ESP User(s) Spain, Andorra Inflation 1. ...


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. 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. 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. These predictions were borne out when the German economy suffered in the hyperinflation of 1923. Only a fraction of reparations were ever paid. The finance minister is a cabinet position in a government. ... “The Great War ” redirects here. ... This article is about the Treaty of Versailles of June 28 1919, which ended World War I. For other uses, see Treaty of Versailles (disambiguation) . The Treaty of Versailles (1919) was a peace treaty which officially ended World War I between the Allied and Associated Powers and Germany. ... The Economic Consequences of the Peace is a book published by John Maynard Keynes in 1919. ... Certain figures in this article use scientific notation for readability. ...


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. 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 proposing flexible exchange rates. The Treatise on Money (1930) (2 volumes) effectively set out his Wicksellian theory of the credit cycle. Probability theory is the branch of mathematics concerned with analysis of random phenomena. ... Knut Wicksell, Swedish economist Johan Gustaf Knut Wicksell, (December 20, 1851 Stockholm -May 3, 1926 Stocksund ) was a Swedish economist. ...


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. In the foreword to the German edition of the General Theory , [2] 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." Magnum opus (sometimes Opus magnum, plural magna opera), from the Latin meaning great work,[1] refers to the best, most popular, or most renowned achievement of an author, artist, or composer, and most commonly one who has contributed a very large amount of material. ... To meet Wikipedias quality standards and conform with our NPOV policy, this article or section may require cleanup. ... Classical economics is widely regarded as the first modern school of economic thought. ...


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. 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. In economics, aggregate demand is the total demand for goods and services in the economy (Y) during a specific time period. ... For other uses, see The Great Depression (disambiguation). ... David Bensusan-Butt (born Colchester 24 July 1914, died London 25 March 1994) was an English economist who spent much of his career in Australia. ...


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. The book is often viewed as the foundation of modern macroeconomics. Historians agree that Keynes influenced U.S. president Roosevelt's New Deal, but disagree as to what extent. 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. Few senior economists in the U.S. agreed with Keynes in the 1930s. With time, however, his ideas became more widely accepted.[3] This article does not cite any references or sources. ... Circulation in macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole. ... Franklin Delano Roosevelt (January 30, 1882–April 12, 1945), 32nd President of the United States, the longest-serving holder of the office and the only man to be elected President more than twice, was one of the central figures of 20th century history. ... The New Deal was the title President Franklin D. Roosevelt gave to the series of programs he initiated between 1933 and 1938 with the goal of providing relief, recovery, and reform (3 Rs) to the people and economy of the United States during the Great Depression. ... Herbert Clark Hoover (August 10, 1874 – October 20, 1964), the thirty-first President of the United States (1929–1933), was a world-famous mining engineer and humanitarian administrator. ...


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. 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. 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 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 USA's greater negotiating strength, however, meant that the final outcomes accorded more closely to the less radical plans of Harry Dexter White. This article is about the British House of Lords. ... This article is about the historic Liberal Party. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... This article or section does not cite its references or sources. ... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ... Wikipedia does not have an article with this exact name. ... The Internatinoal Clearing Union was an idea proposed by Keynes to combat the proablem of internatinoal debt. ... The International Clearing Union was one of the institutions proposed to be set up at the 1944 Bretton Woods conference by British economist John Maynard Keynes. ... An international currency that was proposed by Keynes but never implemented. ... Harry Dexter White (left) and John Maynard Keynes (right) at the Bretton Woods Conference Harry Dexter White (October 1892 – August 16, 1948) was an American economist and senior U.S. Treasury department official. ...


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. He was also a member of the Liberal Party. For other uses, see The Great Depression (disambiguation). ... The Economic Journal is a scholarly journal of economics published by the Royal Economic Society. ... This article is about the historic Liberal Party. ...


Main contributions to economic thought

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. 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. The view of given prices and wages income determines demand (see IS-LM), pre-dates Keynes. His innovation is to take, in his core argument, prices and wages as perfectly flexible and establish 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.) Magnum opus (sometimes Opus magnum, plural magna opera), from the Latin meaning great work,[1] refers to the best, most popular, or most renowned achievement of an author, artist, or composer, and most commonly one who has contributed a very large amount of material. ... The current version of the article or section reads like an advertisement. ... Circulation in macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole. ... Alfred Marshall Alfred Marshall (July 26, 1842–July 13, 1924), born in Bermondsey, London, England, became one of the most influential economists of his time. ... Ceteris paribus is a Latin phrase, literally translated as with other things [being] the same, and usually rendered in English as all other things being equal. ... Look up Aggregation in Wiktionary, the free dictionary The term aggregation may refer to— in economics, combining entities into a single entity which represent them, like aggregation of individual demand to total, or market, demand. ... The IS curve moves to the right, causing higher interest rates and expansion in the real economy (real GDP). ...


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.). He maintained, however, many factually doubtful assumptions of standard theory. He assumed for instance that (marginal) labour productivity decreases with expanding employment. This is incompatible with the empirical findings summarized in Okun's Law. He combined this position with the marginal productivity theory of wages, implying that real wages decrease with increasing employment. This is empirically incorrect, as has been pointed out by the economist Dunlop, and the criticism has readily been accepted by Keynes. Further, Keynes 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). The assumption entertained by Keynes that inflation can only occur near full employment is still maintained in modern macroeconomics (→NAIRU). 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 Classical Economics emerged as a school in Macroeconomics during the 1970s. ... Robert Emerson Lucas, Jr. ... Graph of US quarterly data (not annualized) from 1947 through 2002 produces the equation: %Change GNP = .856 - 1. ... Marginal revenue productivity theory of wages is a neoclassical model that determines, under some conditions, the optimal number of workers to employee at an exogenously determined market wage rate. ... This article uses excessive clichés and jargon. ... The term NAIRU is an acronym for Non-Accelerating Inflation Rate of Unemployment. ... New Keynesian economics developed partly in response to new classical 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.


In 1944, Mount Washington Hotel hosted the United Nations Monetary and Financial Conference also known as the Bretton Woods International Monetary Conference. Delegates from 44 nations convened, establishing the World Bank and International Monetary Fund, setting the gold exchange standard at $35.00 an ounce and designating the United States dollar as the backbone of international exchange. Keynes was leader of the British delegation. The signing of the formal documents took place in the Gold Room, located off the Hotel Lobby and now preserved as an historic site, creating the Bretton Woods system. This system partly ended with the Nixon Shock. The Mount Washington hotel is situated near Mount Washington, in the town of Carroll. ... Mount Washington Hotel The United Nations Monetary and Financial Conference, commonly known as Bretton Woods conference, was a gathering of 730 delegates from all 45 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire to regulate the international monetary and financial order after the conclusion of... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ... IMF redirects here. ... GOLD refers to one of the following: GOLD (IEEE) is an IEEE program designed to garner more student members at the university level (Graduates of the Last Decade). ... USD redirects here. ... Wikipedia does not have an article with this exact name. ... The term Nixon Shock is used to refer to two different policy measures taken by U.S. President Richard Nixon in 1971 and 1972. ...


Keynes vs. Hayek

Keynes had a fearsome reputation as a talented debater and Friedrich von Hayek refused to discuss economics matters in person with him on several occasions. (However, this repeated refusal came after Hayek had extensively critiqued Keynes's 1930 Treatise on Money,[4] only to have Keynes assert that the Treatise no longer reflected his thinking.) However, after reading Hayek's The Road to Serfdom Keynes said, "In my opinion it is a grand book ... 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." [5] 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. His basic ideas were still those of individual freedom. He did not think systematically enough to see the conflicts."[6] Friedrich von Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an economist and social scientist of the Austrian School, noted for his defense of liberal democracy and free-market capitalism against a rising tide of socialist and collectivist thought in the mid... The Road to Serfdom is a book written by Friedrich Hayek (recipient of the Nobel Prize in Economics in 1974) and originally published by Routledge Press in March 1944 in the UK and then by the University of Chicago in September 1944. ... John Maynard Keynes John Maynard Keynes [ˈkeɪns], 1st Baron Keynes of Tilton (June 5, 1883 - April 21, 1946) was an English economist, whose radical ideas had a major impact on modern economic and political thought. ...


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. During the War as a member of CEMA 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. Unsurprisingly from the start the two organisations that received the largest grant from the new body were the Royal Opera House and Sadlers Wells. The present Sadlers Wells Theatre. ... The Arts Council of Great Britain was a Quango dedicated to the promotion of the fine arts in Britain. ...


Death

Keynes died of myocardial infarction (heart attack) at his vacation home in Tilton, East Sussex., his heart problems being aggravated by the strain of working on post-war international financial problems. He died soon after he arranged a guarantee of an Anglo-American loan to Great Britain. Keynes' father, John Neville Keynes (1852 – 1949) outlived his son by three years. Keynes' brother Sir Geoffrey Keynes (1887 – 1982) was a distinguished surgeon, scholar and bibliophile. His nephews include Richard Keynes (born 1919) a physiologist; and Quentin Keynes (1921 – 2003) an adventurer and bibliophile. Acute myocardial infarction (AMI or MI), more commonly known as a heart attack, is a disease state that occurs when the blood supply to a part of the heart is interrupted. ... The Anglo-American loan was a post-Second World War loan made to the United Kingdom by the US. The loan was made to enable the British to pay for lend-lease equipment that they needed to retain in the post war period though that equipment was sold on at... John Neville Keynes (31 August 1852 - 15 November 1949) was a British economist and father of John Maynard Keynes. ... A Second World War era photograph showing Keynes (right) with surgeons Max Page and Col. ... “Surgeon” redirects here. ... A scholar is either a student or someone who has achieved a mastery of some academic discipline, perhaps receiving financial support through a scholarship. ... Bibliophilia is the love of books; a bibliophile is a lover of books. ... Professr Richard Darwin Keynes FRS (born 14 August 1919) is a British physiologist. ... Physiology (in Greek physis = nature and logos = word) is the study of the mechanical, physical, and biochemical functions of living organisms. ... Quentin Keynes Quentin Keynes (1921 - February 2003) was a bibliophile. ... Bibliophilia is the love of books; a bibliophile is a lover of books. ...


Bibliography

The current version of the article or section reads like an advertisement. ... The Economic Consequences of the Peace is a book published by John Maynard Keynes in 1919. ...

Influences on Keynes' works

Knut Wicksell, Swedish economist Johan Gustaf Knut Wicksell, (December 20, 1851 Stockholm -May 3, 1926 Stocksund ) was a Swedish economist. ... Arthur Cecil Pigou (November 18, 1877 _ March 7, 1959) was an English economist, known for his work in many fields and particularly in welfare economics. ... Alfred Marshall Alfred Marshall (July 26, 1842–July 13, 1924), born in Bermondsey, London, England, became one of the most influential economists of his time. ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... David Ricardo (18 April 1772–11 September 1823), a political economist, is often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. ... Sir Dennis Holme Robertson (May 23, 1890-April 21, 1963) was an English economist who taught at Cambridge and London Universities. ... Karl Heinrich Marx (May 5, 1818 – March 14, 1883) was a 19th century philosopher, political economist, and revolutionary. ... Thomas Robert Malthus, FRS (13th February, 1766 – 29th December, 1834), was an English demographer and political economist. ... Michał Kalecki (22nd June 1899-18 April 1970) was one of the greatest Polish economist. ...

Keynes' influence

Keynes appeared on December 31, 1965 edition of TIME magazine.

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. 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. His autobiographical essays Two Memoirs appeared in 1949. Image File history File links Dec. ... Image File history File links Dec. ... is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... Year 1965 (MCMLXV) was a common year starting on Friday (link will display full calendar) of the 1965 Gregorian calendar. ... (Clockwise from upper left) Time magazine covers from May 7, 1945; July 25, 1969; December 31, 1999; September 14, 2001; and April 21, 2003. ... Circulation in macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole. ... Keynesian economics (pronounced kainzian, IPA ), also called Keynesianism, or Keynesian Theory, is an economic theory based on the ideas of the 20th-century British economist John Maynard Keynes. ... The Bloomsbury Group or Bloomsbury Set or just Bloomsbury, as its adherents would generally refer to it, was an English group of artists and scholars that existed from around 1905 until around World War II. // History The group began as an informal socialwe have been great to society assembly of... Cover of the first English edition of 1793 of Benjamin Franklins autobiography. ...


Critique

  • While Milton Friedman describes 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.[7]. 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. More to Friedman's taste was the 1923 Tract on Monetary Reform, which he regarded as Keynes's best work because of its focus on maintaining domestic price stability.[7]
  • Friedrich von Hayek reviewed the Treatise on Money so harshly that Keynes decided to set Piero Sraffa to review (and condemn no less harshly) Hayek's own competing work. The Keynes-Hayek conflict was but one battle in the Cambridge-LSE war. Hayek also felt that application of Keynes policies gives too much power to the state and leads to socialism.[8]
  • Ludwig von Mises
  • Paul Mattick
  • Murray Rothbard's essay Keynes, the Man[2], a scathing attack on both Keynes' economic theories and personage. Rothbard criticized Keynesian Economics as being "old discredited Mercantilism fallacies dressed up by Keynes in a wilderness of unclear writing and pretentious jargon."
  • Rational expectations
  • Henry Hazlitt has written a book entitled The Failure of the New Economics, a detailed chapter-by-chapter critique of Keynes' "General Theory" [3]
  • Roger W. Garrison author of Time and Money: The Macroeconomics of Capital Structure and other works
  • The Crisis of Keynesian Economics A Marxist View by Geoffrey Pilling
  • 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."

Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ... Nominal value is the value of anything expressed in money of the day, versus real value which removes the effect of inflation. ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... This article uses excessive clichés and jargon. ... Friedrich von Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an economist and social scientist of the Austrian School, noted for his defense of liberal democracy and free-market capitalism against a rising tide of socialist and collectivist thought in the mid... Piero Sraffa. ... This article is about the city in England. ... Mascot Beaver Affiliations University of London Russell Group EUA ACU CEMS APSIA Golden Triangle G5 Group Website http://www. ... Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to control by the community[1] for the purposes of increasing social and economic equality and cooperation. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) (pronounced was a notable economist and a major influence on the modern libertarian movement. ... Paul Mattick (1904-1981): Born in Pomerania in 1904 and raised in Berlin by class conscious parents, Mattick was already at the age of 14 a member of the Spartacists Freie Sozialistische Jugend. ... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism. ... Mercantilism is the economic theory that a nations prosperity depended upon its supply of gold and silver, that the total volume of trade is unchangeable. ... Rational expectations is a theory in economics originally proposed by John F. Muth (1961) and later developed by Robert E. Lucas Jr. ... Henry Hazlitt (November 28, 1894 - July 8, 1993) was a libertarian philosopher, economist and journalist for The Wall Street Journal, The New York Times, and Newsweek, among other publications. ... The Failure of the New Economics (1959) is a book by Henry Hazlitt offering a detailed critique of John Maynard Keyness work The General Theory of Employment, Interest and Money (1936). ... Churchill redirects here. ...

See also

Wikiquote has a collection of quotations related to:
Wikisource
Wikisource has original works written by or about:

Image File history File links This is a lossless scalable vector image. ... Wikiquote is one of a family of wiki-based projects run by the Wikimedia Foundation, running on MediaWiki software. ... Image File history File links Wikisource-logo. ... The original Wikisource logo. ... Keynesian economics (pronounced kainzian, IPA ), also called Keynesianism, or Keynesian Theory, is an economic theory based on the ideas of the 20th-century British economist John Maynard Keynes. ... Michał Kalecki (22nd June 1899-18 April 1970) was one of the greatest Polish economists. ... Simon Smith Kuznets (April 30, 1901 – July 8, 1985) was an American economist at Wharton School of the University of Pennsylvania who won the 1971 Nobel Prize in Economics for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social... Paul Anthony Samuelson (born May 15, 1915, in Gary, Indiana) is an American neoclassical economist known for his contributions to many fields of economics, beginning with his general statement of the comparative statics method in his 1947 book Foundations of Economic Analysis. ... For other persons named John Hicks, see John Hicks (disambiguation). ... John Kenneth Galbraith John Kenneth Galbraith (October 15, 1908–April 29, 2006) was an influential Canadian-American economist. ... George Lennox Sharman Shackle (14 July 1903 - 3 March 1992) was an English economist. ... Jean Silvio Gesell (March 17, 1862–March 11, 1930) was a merchant and finance theoretician. ...

External links

Project Gutenberg, abbreviated as PG, is a volunteer effort to digitize, archive and distribute cultural works. ...

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. F. Harrod, London, Macmillan, 1951, ISBN 1-12-539598-2
  • "Keynes, John Maynard," Don Patinkin, The New Palgrave: A Dictionary of Economics, v. 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

Dr William Milo Keynes MA DM MD MCh FRCS (born 1924) is a British doctor and author. ... Professor Lord Robert Skidelsky, more properly Robert Jacob Alexander Skidelsky, Baron Skidelsky of Tilton, is a British economist, author of a major biography in three volumes of John Maynard Keynes, and a life peer. ... Giles Lytton Strachey (March 1, 1880–January 21, 1932) was a British writer and critic. ... Michael Holroyd (born August 27, 1935) is a biographer, born in London and educated at Eton College. ...

Citations

  1. ^ Escoffier, Jeffrey (2004), "Keynes, John Maynard", glbtq.com, <http://www.glbtq.com/social-sciences/keynes_jm.html>
  2. ^ Keynes, John Maynard. Foreword to the General Theory. Foreword to the German Edition/Vorwort Zur Deutschen Ausgabe [[1]]
  3. ^ Martin, Kingsley (16 March 1940). Mr Keynes Has A Plan. Picture Post. 
  4. ^ Hayek, Friedrick August von. “Reflections on the Pure Theory of Money of Mr. J.M. Keynes”, Economica #11 (August 1931) & #35 (February 1932)
  5. ^ [Hoover, Kenneth R. Economics as Ideology. Rowman and Littlefield Publishers(2008) p. 152 ISBN 0742531139]
  6. ^ Reason Magazine, The Road to Serfdom, Foreseeing the Fall. F.A. Hayek interviewed by Thomas W. Hazlett
  7. ^ a b Milton Friedman, John Maynard Keynes, Federal Reserve Bank of Richmond Economic Quarterly Volume 83/2, Spring 1997
  8. ^ Robert Dransfield, Don Dransfield, Key Ideas in Economics, Nelson Thornes (2003), ISBN 074877081X p.81
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

  Results from FactBites:
 
John Maynard Keynes - Wikipedia, the free encyclopedia (2697 words)
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 reformist.
Keynes' brother Sir Geoffrey Keynes (1887–1982) was a distinguished surgeon, scholar and bibliophile.
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.
Keynesian economics - Wikipedia, the free encyclopedia (4199 words)
John Maynard Keynes was one of a wave of thinkers who perceived increasing cracks in the assumptions and theories which held sway at that time.
Keynes questioned two of the dominant pillars of economic theory: the need for a solid basis for money, generally a gold standard, and the theory, expressed as Say's Law, which stated that decreases in demand would only cause price declines, rather than affecting real output and employment.
Keynes explained that the level of output and employment in the economy was determined by aggregate demand or effective demand.
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