Biography of economist keynes
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John Maynard Keynes (1883 - 1946)
John Maynard Keynes, c.1940 ©Keynes was a British economist and one of the most influential of the 20th century.
John Maynard Keynes was born on 5 June 1883 in Cambridge into a well-to-do academic family. His father was an economist and a philosopher, his mother became the town's first female mayor. He excelled academically at Eton as well as Cambridge University, where he studied mathematics. He also became friends with members of the Bloomsbury group of intellectuals and artists.
After graduating, Keynes went to work in the India Office, and simultaneously managed to work on a dissertation - often during office hours - which earned him a fellowship at King's College. In 1908, he quit the civil service and returned to Cambridge. Following the outbreak of World War One, Keynes joined the treasury, and in the wake of the Versailles peace treaty, he published 'The Economic Consequences of the Peace' in which he criticised the exorbitant war reparations demanded from a defeated Germany and prophetically predicted that it would foster a desire for revenge among Germans. This best-selling book made him world famous.
During the inter-war years, Keynes amassed a considerable personal fortune from the financial markets and, as bursar of
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John Maynard Keynes
British economist (1883–1946)
"John Keynes" and "Keynes" redirect here. For his father, see John Neville Keynes. For other uses, see Keynes (disambiguation).
John Maynard Keynes, 1st Baron Keynes[3]CB, FBA (KAYNZ; 5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. 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,[5][6][7] he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots.[8] His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. He is known as the "father of macroeconomics".[9]
During the Great Depression of the 1930s, 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 spen