Can I please know a brief life summary of Keynes, the economist?
John Maynard Keynes is one of the most famous and influential economists of all time, being the only one who has a whole school of thought named after him.
He was an Englishman who was born in Cambridge in 1883. He attended King's College, Cambridge and later returned to teach there.
He was involved in international economic affairs including the negotiations of the Treaty of Versailles (after WWI) and the institution of the IMF after WWII.
Keynes is most famous for his work that tried to explain the causes of the Great Depression.
Keynes died in 1946 in England.
John Maynard Keynes (1883-1946) is one of the most influential economics. His book General Theory of Employment, Interest and Money is one of the most important book on economics. Ideas developed by Keynes on the factors that influence the general level of activities have greatly shaped government action in democratic countries in promoting economic growth and in countering adverse conditions like inflation and economic depression.
Keynes was British and studied at Cambridge University. He several important position in British treasury from 1915 to 1919. He became known internationally with publication of his book The Economic Consequences of Peace in 1919. Keynes became a government adviser in 1940 and a director in Bank of England in 1941. He was kinghted in 1942 and received the title of Baron Keynes of Tilton.
The essence of Keynesian economics centers on belief that economic activity depends on total spending by people, business and government. This premise explains how expectations of poor business and income prospects causes a spiral of cut in business investment and consumer spending, leading to economic downturn and depression.
In wake of the great depression that began in 1929, Keynes opposed the Idea that free markets always lead to full employment and economic prosperity. He further suggested that depression can be overcome by increasing government spending. In this way he contributed substantially to formulation of programs of government spending, initiated to counter the depression.