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John Maynard Keynes

Founder of Macroeconomics

Jessie Dewdney

on 5 April 2011

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Transcript of John Maynard Keynes

Biography Theories Published Works Influences Accomplishments Quotes Date of Birth: June 5, 1883
Lived at 6 Harvey Road, Cambridge until he was eighteen
Father, John Neville Keynes: economics professor, taught at University of Cambridge
Mother, Florence Keynes: first female mayor of Cambridge
1898: won Junior Mathematical Prize
1900: won Senior Mathematical Prize, and Richards English Essay Prize
1904: became secretary of The Union, and later president; also was president of University Liberal Club
1905: graduated earning his degree of mathematics Earlier Years Career Beginnings 1905: returned to study economics
1906: prepared for the Civil Service entrance exams and then took a career in civil service in London, worked in the India Office for two years
1907: he worked in the Revenue, Statistics and Commence Department of the India Office
1907: Left the India Office to work in Cambridge on a probability theory
1909: began teaching and writing on economic matters; taught on topic of "Money, Credit and Prices"
May 1909: recieved the Adam Smith Prize for an essay he had written
1911: he became the editor of the Economics Journal Developments 1915: during WWI, worked in British treasury but resigned after government issues dealing with compensations from WWI damage
Nov 1924: presented his lecture titled, "The End of Laissez-Faire" at Sydney Ball Foundation
Aug 4, 1925: he married Lydia Lopokova, a Russian ballerina
Sept 1931: British government leaves the Gold Standard method; Keyens had this idea since the 1920s
1942: named Honorary Doctor of Laws by Manchester University
Apr 21, 1946: Keynes died at home; he suffered two heart attacks earlier in the year Keynesian Economics Quotes by Keynes “The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.”
[The General Theory of Employment, Interest and Money]
“When the facts change, I change my mind – what do you do, sir?”
[In regards to his constant change in opinion]
“The long run is a misleading guide to current affairs. In the long run we are all dead.”
[A Tract on Monetary Reform]
“If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.” Quotes by Others "We are all Keynesians now."
President Richard Nixon, 1971 “Method of analyzing the behaviour of key aggregate economic variables such as output, employment, inflation and interest rates” (Keynesian Economics)
Keynes created this primarily in the 1930s during the Great Depression; this is the time period when more commonly accepted economic theories did not work
This method set the foundation for the creation of modern macroeconomics
Before Keynes, it was believed that changes in the economy would be corrected by the economic market itself and create an equilibrium that would produce full employment again
Keynes believed that certain variables were inflexible and would not allow equilibrium to be created by itself
He believed that if the government would increase spending and lower the taxes, demand would increase and would bring the depression to an end "Animal Spirits" Keynes used this term when referring to confidence in regards to economic prosperity
“Naive optimism” "Paradox of Thrift" After the Great Depression, people, including economists, did not know how to react; disequilibrium lasted for long periods of time, which confused classical economic theorists
Keynes said that to boost economy, government needs to spend more; however, governments were uneasy and unwilling with his approach
Therefore, the paradox of thrift is simply the idea that saving money decreases the amount of spending, which in turn decreases the amount of productivity; all this results in an increase in job loss (unemployment) "Casino Capitalism" Referring to the making and losing of fortunes on the stock market
“There is nothing so dangerous as the pursuit of a rational investment policy in an irrational world”
Indian Currency and Finance (1913)
The Economic Consequences of Peace (1919)
Treatise of Probability (1921)
A Revision of the Treaty (1922)
A Tract on Monetary Reform (1923)
Treatise on Money (1930)
The General Theory of Employment, Interest and Money (1936) Those Who Influenced Virginia Woolf
Arthur Cecil Pigou
Alfred Marshall
Adam Smith
David Ricardo Keyne's Peers Betrand Russell
Ludwig Wittgenstein
Friedrich Hayek
Ronald Fisher
Keynes vs. Hayek Keynes and Hayek were good friends; however, they opposed each other in their economic views
Their largest difference in views was in their opinions about the appropriate role for the government after WWII First and foremost, Keynes is known as the founder of modern macroeconomics
His ideas of policies used to affect the economic state of countries were implemented by Western countries
1919: He worked on the Treaty of Versailles at the end of WWI; this is where the compensations made by Germany were decided. Keynes stated that the high interest rates and harsh payments due by Germany would create economic instability; his statement came to pass and this was one reason for WWII
http://www.xtranormal.com/watch/8249743/ John Maynard Keynes
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