A short biography of John Maynard Keynes

John Maynard Keynes is doubtlessly one of the most important figures in the entire history of economics. He revolutionized economics with his classic book, “The General Theory of Employment, Interest and Money” (1936). It is probably the most influential social science treatise of the 20th Century. It quickly and permanently changed the way the world looked at the economy and the role of government in society.

John Maynard Keynes (June 5, 1883 – April 21, 1946) got his education in British elite institutions - Eton and then King's College at Cambridge. In 1906, he entered the British civil service for a little while. Then in 1909 he returned to Cambridge and later became a fellow there. In 1911 he became an editor of the Economic Journal - Britain's foremost economics publication.

After his return to Cambridge, Keynes published his “Treatise on Probability” (1921), where he dismantled the classical theory of probability and launched what later became known as the "logical-relationist" theory of probability. Keynes's work caused something of a stir and aroused the young Cantabrigian logician, Frank P. Ramsey, to outline his own "subjective" theory of probability.

In 1923, Keynes published his “Tract on Monetary Reform” (1923), which was his contribution to the Cambridge cash-balance theory of money. Then other Cambridge economists, Alfred Marshall and Dennis H. Robertson developed it in their works. It was also in a 1923 newspaper article that he first proposed his “normal backwardation” theory of hedging and speculation.

John Maynard Keynes is famous for Keynesian economics. He outlined many of these ideas in his famous book “The General Theory of Employment, Interest and Money”. He wrote this book in response to the Great Depression of the 1930s and published it in 1936. Keynesian economics promotes a mixed economy. In this type of economy both the state and the private sector play an important role. For example, he advocated for interventionist government policy.

Keynesian economics is the opposite of laissez-faire economics. According to laissez-faire economic theory markets and the private sector can operate well on their own, without state intervention. Obviously Keynes’s ideas had a great impact on economic and political thought and action, but not everyone agreed with his ideas. And today his ideas are even more controversial.

Thanks to his economic and political work, in 1942 Keynes became Baron of Tilton in the County of Sussex. Keynes died of infarction in 1946.

Notes:

1. “The General Theory of Employment, Interest and Money” – «Общая теория занятости, процента и денег»

2. “Treatise on Probability” – «Трактат по теории вероятности»

3. “Tract on Monetary Reform” – «Трактат по денежной реформе»

4. cash-balance theory of money – теория кассового остатка (остатка денежных средств на банковском и т.п. счете)

5. “normal backwardation” – «средний депорт» (отсрочка поставки или платежа)

6. laissez-faire – невмешательство

7. Baron of Tilton in the County of Sussex – Барон г. Тилтон графства Сасэкс

I. Прочитайте текст (без словаря).

II. Перепишите предложения. Определите по грамматическим признакам, какой частью речи являются слова, оформленные окончанием -s и какую функцию это окончание выполняет, т.е. служит ли оно:

а)показателем 3-го лица единственного числа в Present Indefinite;

б)признаком множественного числа имени существительного;

в)показателем притяжательного падежа имени существительного

Переведите предложения на русский язык.

1. John M. Keynes attended King’s College at Cambridge.

2. Keynesian economics promotes a mixed economy.

3. He outlined many of these ideas in his famous book.

4. Keynes's work caused something of a stir.

5. Other Cambridge economists developed this theory in their works.

III. Перепишите следующие предложения и переведите их, обращая внимание на особенности перевода на русский язык определений, выраженных именем существительным

1. Economic Journal is Britain's foremost economics publication.

2. Keynes advocated for interventionist government policy.

3. According to laissez-faire economic theory markets and the private sector can operate well on their own, without state intervention.

4. He first proposed his "normal backwardation" theory of hedging and speculation in a 1923 newspaper article.

5. “The General Theory of Employment, Interest and Money” (1936) is probably the most influential social science treatise of the 20th century.

IV Перепишите следующие предложения, содержащие разные формы сравнения, и переведите их на русский язык.

1. John Maynard Keynes is one of the most famous economists.

2. Today his ideas are even more controversial.

3. Keynes’s ideas had a great impact on economic and political thought and action.

4. In 1909 Keynes returned to Cambridge and later became a fellow there.

5. Thanks to his economic and political work, Keynes became Baron Keynes.

V. Перепишите следующие предложения, определите в них видо-временные формы глаголов и укажите их инфинитив. Переведите на русский язык

1. In mixed economy both the state and the private sector play an important role.

2. He wrote this book in response to the Great Depression of the 1930s.

3. Keynes was a British economist.

4. Keynes's work aroused Frank P. Ramsey to outline his own "subjective" theory of probability.

5. Keynesian economics is the opposite of laissez-faire economics.

VI. Перепишите текст и переведите его на русский язык.

VII. Ответьте (письменно) на следующие вопросы к тексту.

1. Where did John M. Keynes get his education?

2. What books did he write?

3. What is John Maynard Keynes mostly famous for?

4. What type of economy does Keynesian economics promote?

5. What is mixed economy?

Вариант 2

Дата добавления: 2017-01-14