John Maynard Keynes Essay

John Maynard Keynes Essay-81
After studying at Eton and Kings College Cambridge, he received a lectureship to teach at Cambridge.This was personally funded by his old teacher Alfred Marshall (Marshall was himself a formidable economist).Unlike many economists, Keynes, was very much at home in the business world.

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Keynes described this as economic madness and argued for the exact opposite.

He argued in a recession of this magnitude, it was necessary for the government to intervene and actively stimulate the economy.

Over the next few weeks I will be writing about some of the great economists.

I will not be attempting to discuss every aspect of their work, but, will be looking at their major contributions to the world of Economics John Maynard Keynes makes a good starting point because he was both an influential economist and a man of many talents.

He wanted to emphasise the importance of intervening in a recession. He wasn't just content to spend hours reading away in the British Library (like Karl Marx) he understood the importance of the soundbite and actually influencing the political process.

Written during the summer of 1919, few books did more to discredit the Treaty of Versailles, which formally ended four years of war between the victorious Allied powers and a defeated Germany.

He was a key member of the Bloomsbury social group based around Cambridge and London.

He loved ballet and married a famous Russian ballerina Lydia Lopokova.

Apart from a few half hearted attempts such as the new deal, Keynes' policies were largely ignored in the UK and US; and high levels of unemployment persisted until the start of the second world war.

It was to this backdrop that Keynes wrote his General Theory of Employment, Interest, and Money (1936).

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