John Maynard Keynes was born in CambridgeCambridgeshireEnglandto an upper-middle-class family. His father, John Neville Keyneswas an economist and a lecturer in moral sciences at the University of Cambridge and his mother Florence Ada Keynes a local social reformer.
John Maynard Keynes English economist. Keynes Essays in biography keynes considered one of the foremost economists of all time.
His The General Theory of Employment, Interest and Money transformed the course of economic thought with its controversial interpretation of the causes of unemployment and prescriptions for its remedy.
The impact of this book on twentieth-century economic history—known as the Keynesian Revolution—has been profound, encompassing economic method, theory, and policy. Biographical Information Born and raised in Cambridge, England, Keynes grew up in an atmosphere that fostered intellectual achievement.
His father, John Neville Keynes, was a noted logician, economist, and a registrar at Cambridge University, while his mother, Florence Ada Keynes, was a writer and social welfare advocate as well as the first woman mayor of Cambridge.
Keynes attended Eton from until and then entered King's College, Cambridge, on a scholarship in mathematics and the classics. During his freshman year at Cambridge, Keynes was invited to join an intellectual group called "The Apostles" that met periodically to discuss literary, philosophical, political, and aesthetic questions.
Forster, and Bertrand Russell, all of whom would later become leaders of the exclusive circle of intellectuals and artists known as the Bloomsbury Group. Through his association with the Apostles, Keynes became introduced to the philosophy of G.
Moore; critics note the pervasive influence of Moore's Principia Ethica on Keynes's A Treatise on Probability, his only philosophical work, as well as on his economic methodology.
After graduating from Cambridge with a master's degree in mathematics, Keynes studied economics for a year in preparation for a civil service examination. In he was assigned by the British government to the India Office; the knowledge he gained there formed the basis of his first book, Indian Currency and Finance.
Keynes resigned from the India Office in to join the economics faculty at Cambridge.
He taught at Cambridge untilwhen he returned to government service as a Treasury official. By the end of World War I, Keynes had risen to a prominent position in the Treasury and was responsible for managing foreign-exchange arrangements.
Although he seemed destined for great success as a public official, Keynes's trip to the Paris Peace Conference as economic adviser to Prime Minister Lloyd George caused his career to change directions once again.
Appalled by the political maneuverings of the conference and convinced that the reparations policies imposed upon Germany were excessive, Keynes resigned from his Treasury post. Shortly after, he published a stinging indictment of the Versailles Treaty, The Economic Consequences of the Peace, which provoked international controversy and made Keynes famous.
During the s, Keynes resumed his teaching duties at Cambridge, pursued an active business life in London as a financial consultant and insurance company executive, and was named bursar at King's College.
Around the middle of the decade, Keynes became convinced that he needed to develop a strong theoretical foundation to support his belief that public expenditures would be useful in lowering unemployment. By the time the General Theory appeared, politicians and economists all over the world were searching for a way to reverse one of the longest depressions in economic history; orthodox, or classical, economic policy, which held that prosperity would return if prices and wages were lowered, was not promoting recovery anywhere.
Keynes's General Theory was quickly accepted by many economists as an answer to the world's economic tragedies, and when Keynesian fiscal measures began to produce the desired results, he became widely viewed as the savior of capitalism.
When the war commenced, Keynes returned to the British Treasury and was consulted on all important questions regarding the economic management of the conflict. He was a principal negotiator at the Bretton Woods Conference inwhere he played a significant role in the inauguration of the International Monetary Fund and the World Bank.First Editions of Lord Skidelsky's Monumental Biography of J.M.
Keynes; Each volume inscribed by Him Skidelsky, Robert. John Maynard Keynes: Hopes Betrayed ; The Economist as Savior ; Fighting For Britain London: Macmillan, First editions of each volume in the author’s acclaimed biography on J.M.
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Most of the essays in this book were first collected and published in John Maynard Keynes: Essays In Biography Should-Read: You really cannot do the history of economic thought without being willing to do counterfactuals!
Now it is true that many times the counterfactual will be “somebody else would have done exactly this same work five or fifteen years later: it was immanent in the structure of the theory and in the empirical data being fed to the profession by the world”.