John Maynard Keynes

John Maynard Keynes, 1st Baron Keynes, (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory as well as on many governments' fiscal policies. He is particularly remembered for advocating interventionist government policy, by which the government would use fiscal and monetary measures to mitigate the adverse effects of economic recessions, depressions and booms. Economists consider him one of the main founders of modern theoretical macroeconomics. His popular expression "In the very long run, we are all dead" is still quoted.

Keynes enjoyed an elite early education at Eton. He entered King’s College, Cambridge, in 1902, to study mathematics, but his interest in politics led him towards the field of economics, 1909 Keynes was ultimately a successful investor, building up a substantial private fortune. Keynes accepted a lectureship at Cambridge in economics funded personally by Alfred Marshall. Keynes' career lifted off as an adviser to the British finance department from 1915 – 1919 during World War the 1^st.

His observations appeared in the highly influential book “The Economic Consequences of the Peace” in 1919, followed by “A Revision of the Treaty” in 1922. Keynes published his ‘Treatise on Probability’ in 1921, a notable contribution to the philosophical and mathematical underpinnings of probability theory. His magnum opus, the “General Theory of Employment, Interest and Money” challenged the economic paradigm when published in 1936. 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 total amount of saving in a society is determined by the total income and thus, the economy could achieve an increase of total saving, even if the interest rates were lowered to increase the expenditures for investment. 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.

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1. John Maynard Keynes is a father of Keynesian economics.

2. He became rich with the help of Stock Market Crash of 1929.

3. His book The Economic Consequences of the Peace was a notable contribution to the philosophical and mathematical underpinnings of probability theory.

4. The General Theory of Employment, Interest and Money was his magnum opus.

5. A Revision of the Treaty is often viewed as the foundation of modern macroeconomics.

6. Historians agree that Keynes influenced U.S. president Roosevelt's New Deal.

7. In the House of Lords Keynes sat on the Liberal benches.

8. Keynesian economics is a subfield of Microeconomics.

9. Keynes was a member of Bloomsbury group.

10. He studied at Oxford.

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