John Maynard Keynes
(1883-1946) is regarded as the father of modern
Macroeconomics. Keynes was the son of an eminent English economists, Jon
Neville Keynes, ho was a lecturer in economics and logic at Cambridge
University. was born in Cambridge, England and
educated at Eton College and Cambridge University. There Keynes was
educated on mathematics and probability theory, but he chose the field of
economics to pursue. He chose economics when he accepted a lectureship in
economics at the University of Cambridge. Keynes began his career at the
India office of the British government. During this time in his career he
wrote a book called �Indian Currency and Finance� in 1913. During World
War I he worked ...
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great investments in a decades time. Within that decade he made
his two million fortune by speculating in international currencies, stocks
and commodities. In addition to his newly made fortune Keynes served as a
trustee of King's College and built it's endowment from 30,000 to 380,000
pounds. Keynes went on to write other books like �Treaties on Probability�
in 1921 and �The Treaties on Money� in 1930. (Lekachman/Miller).
Being that the depression was at hand during the time, people
reviewed Keynes theories, which they discovered did not really explain the
prolonging of the recession. Keynes began to study this problem thoroughly
which appeared in his major work, �The General Theory of Employment,
Investment, and Money� published in 1936. This piece of work that he did
placed a convincing attack on the classical theory that capitalism would
self-correct from a recession. Also, he proved the theoretical defense for
programs that were already being tried in Great Britain ...
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Theory of Employment, Interest and Money�; he
challenged the confused classical economics. The classical theory was used
by the likes Smith, Say, Marshall, Marx and Mill during the business cycle
that took an abrupt downturn on October 29, 1929, the most severe recession
in United States had begun. Keynes would argue that theory by turning
Say's law upside down. Keynes believed that demand creates its own supply.
Keynes made it a point to say that aggregate expenditures (demand) could be
forever inadequate for an economy to achieve full employment. Aggregate
expenditures are the sum of consumption (C), Investment (I), government (G),
and net exports (X-M). C, I, G, (X-M) are national ...
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"John Maynard Keynes." Essayworld.com. April 29, 2007. Accessed November 30, 2024. http://www.essayworld.com/essays/John-Maynard-Keynes/64077.
"John Maynard Keynes." Essayworld.com. April 29, 2007. Accessed November 30, 2024. http://www.essayworld.com/essays/John-Maynard-Keynes/64077.
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