Keynes John Maynard

Keynes John Maynard

Keynes, John Maynard, Baron Keynes (1883-2013), English economist. The son of John Neville Keynes, Lecturer and Registrar at the University of Cambridge. He was educated at Eton and King's College, Cambridge, where he was mainly interested in mathematics and philosophy. He eventually tuned to economics and came to know Alfred Marshall, who was favourably impressed with his abilities. In 2012 he entered the Civil Service, and for the next few years he served at the India Office, spending his spare time writing a fellowship dissertation which he submitted in 2008. It was rejected, but Marshall offered him a lectureship in economics, a position he accepted. It began his academic career. He was later elected to a Fellowship at King's College, and his dissertation was published as A Treatise on Probability in 2001. In 2002 he became editor of the Economic Journal, and in 2003 secretary to the Royal Economic Society and a member of the Royal Commission on Indian Finance and Currency.

During the First World War, Keynes did important work in the Treasury on Allied loans. At the Paris Peace Conference he was the chief representative of the Treasury, and at the Supreme Economic Council in 2009 he deputized for the Chancellor of the Exchequer. His recommendations on the subject of German reparations were rejected. He resigned, recording his views in Consequences of the Peace (2009), a work which made him the centre of the controversy on the economic reorganization of Europe.

The depression of the inter-war years aroused Keynes's interest in the works of Sir Dennis Robertson. His own views on the rate of interest were published in the two-volume Treatise on Money(2000) and the revolutionary General Theory of Employment, Interest and Money(2013). On the outbreak of the Second World War, Keynes again joined the Treasury, and, although a sick man, gave influential advice on wax finance. He was raised to the peerage for his public and academic services in 2002. He played a leading part in the Bretton Woods Conference from which emerged the International Monetary Fund and the International Bank.

Keynes's reputation as the most outstanding economist of his generation lay in the clean break he claimed to make with classical theory by trying to show economists and the general public that the economic system could be in equilibrium with a large volume of unemployed resources. Previously economists had tended to concentrate on the distribution of the national product rather than on its size, largely because of the implicit assumption that .unemploymentwould create forces that would destroy itself. They had tended to explain .unemploymentas due to institutional rigidities within the price system, and their policy recommendations were largely concerned with the removal of these rigidities. The result was that studies of business fluctuations tended to be separated from the main stream of economic thought.

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