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John Maynard Keynes was the son of John Neville Keynes (pronounced "Canes"), an economics lecturer at Cambridge University and Florence Ada Brown, a successful author and a social reformist.
Keynes graduated in mathematics from King's College, Cambridge University (where he had been president of the Cambridge Union Society in Lent 1905), and afterwards increasingly turned his attention to economicsEconomics is the social science studying how society uses its limited resources to meet desires and wants. Put otherwise, economics studies what, how and for whom society produces. This involves analyzing the production, distribution and consumption of go. An adviser to the British government during World War IWorld War I (also known as the First World War , the Great War the War of the Nations and the "War to End All Wars") was a world conflict occurring from 1914 to 1918. No previous conflict had mobilized so many soldiers, or involved so many in the field of, he first came to public prominence with the publication of The Economic Consequences of the Peace, published after the end of the war in 1919Events January January 1 Edsel Ford succeeds his father as head of the Ford Motor Company January 5 Spartacist uprising Socialist demonstrations in Berlin turn into attempted communist revolution with Spartacist League in the forefront January 9 Spartacus. This argued that the reparations which Germany was forced to pay to the victors in the war were too large and would lead to the ruin of the German economy. These predictions were arguably borne out when the German economy collapsed in the hyperinflationbillion) Serbian dinar banknote circa 1993, the largest nominal value ever officially printed in Serbia, the final result of hyperinflation. Photo courtesy of National bank of Serbia In economics, hyperinflation is inflation which is "out of control", a c of 1923Centuries: 19th century 20th century 21st century Decades: 1870s 1880s 1890s 1900s 1910s 1920s 1930s 1940s 1950s 1960s 1970s Years: 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 Events January 1 Grouping of all UK railway companies into four larg, with only a small amount of reparations ever being paid.
Keynes also published his Treatise on Probability in 19201920 is a leap year starting on Thursday (link will take you to calendar) Events January January 7 Forces of Russian White admiral Kolchak surrender in Krasnoyarsk. January 9 Britain announces it will build 100,000 homes for war veterans. January 10 Leagu, a notable contribution to the philosophical and mathematical underpinnings of probability theory.
His seminal book, The General Theory of Employment, Interest and MoneyThe General Theory of Employment Interest and Money is generally considered to be the masterwork of the English economist John Maynard Keynes. To a great extent it created the terminology of modern macro-economics. It was published in February 1936. The b was first published in 1936Events January-February January 15 The first building to be completely covered in glass is completed in Toledo, Ohio, for the Owens-Illinois Glass Company. January 20 Death of George V of the United Kingdom. His son Edward VIII succeedes him as King of th. 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 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.
Keynes' theories were so influential (even when disputed), that a topic of economics called Keynesian economics discussing his theories and their applications was named after him.
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.
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.
Following the war, Keynes argued in favour of a radical system for the management of currencies, involving a central bank for the world and a common unit of currency, the Bancor.
In 1942 Keynes was raised to the peerage as Baron Keynes of Tilton.
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