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John Maynard Keynes

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Cathy Ng

on 25 September 2013

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Transcript of John Maynard Keynes

John Maynard Keynes
Theory/Idea 1
Deferred Savings
Theory/Idea 2
Keynes' s General Theory
Further Facts
Thank you for listening to our presentation!
John Maynard Keynes

By: Sammy and Cathy
Works Cited
Born: 1883 Cambridge, England
Died: 1946
John Maynard Keynes
Is John Keynes liberal or conservative?
gov't action to achieve opportunity and equal for all
gov't's duty to protect civil rights
Emphasizing it's the gov't's duty to solve problems
Limited gov't
Personal responsibility
Free market
Gov't should provide people with freedom to pursue personal goals
Keynes is...Liberal
Supports free market
Supports individual interests for the three basic production questions
Believed once full employment had been achieved by fiscal policy measures, market mechanism could operate freely
Believed the central controls the needs/wants, therefore socialized economic issues isn't needed
Past occupations:
Taught economics at Cambridge University
He also served as economic adviser for the British Treasury
Attended post-war international peace conferences
Served as editor of economic journal, chair of insurance company, and manager of investment trust
1945: Chief British rep at Bretton Woods Conference
The Times
Both World Wars occurred in his career life including the Great Depression after WWII
Germany struggles to pay back to the Allies
Great Depression of 1930s was difficult in Europe and North America
-> Financing war efforts
Keynes was against the Treaty of Versailles
Believed Germany should be helped NOT punished
For sustainable peace between countries
-> Fighting against the Great Depression
Keynes believed gov't was to blame for 20% unemployment
Situation could have been better if gov't sponsored public priorities
Claims the fault isn't on people holding onto money due to low income
Business investors and governments = primary forces behind business cycles
Theory criticized as the leading cause of inflation and public debt
"The Concise Encyclopedia of Economics John Maynard Keynes." Library of Economics
and Liberty. N.p.. Web. 21 Sep 2013.

John Keynes
Wrote Tract on Monetary reform in 1923
Author of the book "The General Theory of Employment, Interest, and Money"
Capitalism: An economy characterized by private ownership of business and industry, the profit motive, and free markets
“Keynesian economics” analyzes relationships among demand, production, and employment and focuses on government’s role in sustaining economic activity
Bolotta, Angelo. Economics Now; Analyzing Current Issues. Don Mills, Ont.:Oxford UP, 2002.
Keynesianism vs Monetarism
Keynes believed the solution to unemployment was a growth in government spending
Emphasises the importance of controlling the money supply to control inflation

Monetary Policy
An effort to direct a country's economic goals
Ideas That Advanced Economic Thinking
Ideas That Advanced Economic Thinking
particular form of government spending was to adopt a policy of budget deficits called “Fiscal Policy”
Fiscal Policy: The means by which a government adjusts its levels of spending in order to monitor and influence a nation's economy
Keynesianism Cont'd
Monetarists stress the importance of controlling the money supply to keep inflation low

Monetarists more likely to place emphasis on reducing inflation than keeping unemployment low
Implies government should use powers to increase aggregate demand by increasing spending and creating easy money environment → stimulate economy by creating jobs which increases prosperity
When people perceive low taxes and high deficits, a rise in private saving should offset increase in government's deficit.
Blinder, Alan. " Keynesian Economics." Library of Economics and Liberty. N.p.. Web. 24 Sep
2013. <http://www.econlib.org/library/Enc/KeynesianEconomics.html>.
"A Look At Fiscal And Monetary Policy." Investopedia. N.p.. Web. 24 Sep 2013. <http:/
Full transcript