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John Maynard Keynes

E - Macroeconomics and Monetary Economics

John Maynard Keynes was a British economist whose 1936 book The General Theory of Employment, Interest and Money reshaped twentieth century economic thought and gave Keynesian economics its name. Writing in the aftermath of the Great Depression, Keynes argued that an economy can become stuck at a level of output too low to employ everyone willing to work, because total spending in the economy can fall short of what full employment would require, and that active government spending and monetary policy could be used to close that gap. Keynes was also a central figure in international economic diplomacy, leading the British delegation to the 1944 Bretton Woods Conference and proposing an international clearing union that, although not adopted in the form he wanted, shaped the debate that produced the postwar Bretton Woods monetary system and the institutions that grew out of it.

Facts
Birth Year
1883 1
Birth Date
1883-06-05 1
Death Year
1946 1
Nationality
British 1
Connections

Associated With

Fiscal Multiplier, Concepts

The multiplier itself was introduced by Keynes's student Richard Kahn in 1930/31; Keynes built it into the General Theory's own policy argument.

Source The General Theory of Employment, Interest and MoneyJohn Maynard Keynes

Associated With School

Keynes was a Cambridge, England economist across his whole career and The General Theory grew directly out of Marshall's Cambridge tradition.

Source Wikipedia
Additional Source Cambridge capital controversy (Wikipedia)Cambridge capital controversy, The two Cambridges
Source The General Theory of Employment, Interest and MoneyJohn Maynard Keynes

Concepts Originated

Keynes introduced the concept to explain why monetary policy alone failed to lift demand in a deep slump.

Source The General Theory of Employment, Interest and MoneyJohn Maynard Keynes

Influenced

Additional Source Hyman Minsky (Wikipedia)Article text
Additional Source Joan Robinson (Wikipedia)Infobox, Joan Robinson (Influences)

Influenced By

Additional Source John Maynard Keynes (Wikipedia)John Maynard Keynes, "Early life and education" section
In the Other Atlases

Nationality

Also in Geography Atlas: the nationality of this subject.

Sources
1. Encyclopaedia Britannica
Encyclopaedia Britannica, Inc.View the Source
The General Theory of Employment, Interest and Money
John Maynard Keynes, 1936
  • Concepts Originated: Liquidity Trap, Chapter 15
    Keynes described the liquidity trap in The General Theory as the point at which further increases in the money supply fail to lower interest rates because the public prefers to hold cash rather than bonds.
  • Associated With: Fiscal Multiplier, Chapter 10
    Keynes incorporated Kahn's multiplier into The General Theory's argument for public spending as a remedy for deficient demand.
Cambridge capital controversy (Wikipedia)
Associated With School: Cambridge School, Cambridge capital controversy, The two Cambridges
Quote, Associated With School: Cambridge School, Cambridge capital controversy, The two Cambridges
The English Cambridge side concentrated on adjustments to the saving ratio through changes in the distribution of income between wages and profits.
View the Source
John Maynard Keynes (Wikipedia)
  • Influenced By: Alfred Marshall, John Maynard Keynes, "Early life and education" section
    Alfred Marshall begged Keynes to become an economist
  • In Group: Keynesian and Post-Keynesian Macroeconomists, Lead
    John Maynard Keynes, 1st Baron Keynes ( KAYNZ; 5 June 1883-21 April 1946), was an English economist whose writings are considered the basis for the school of thought known as Keynesian economics, as well as its various offshoots.
View the Source
Joan Robinson (Wikipedia)
Influenced: Joan Robinson, Infobox, Joan Robinson (Influences)
Quote, Influenced: Joan Robinson, Infobox, Joan Robinson (Influences)
Adam Smith, Karl Marx, John Maynard Keynes, Piero Sraffa, MichaƂ Kalecki
View the Source
Hyman Minsky (Wikipedia)
Influenced: Hyman Minsky, Article text
Quote, Influenced: Hyman Minsky, Article text
It was at the University of California, Berkeley, that seminars attended by Bank of America executives helped him to develop his theories about lending and economic activity, views he laid out in two books, John Maynard Keynes (1975), a classic study of the economist and his contributions, and Stabilizing an Unstable Economy (1986), and more than a hundred professional articles.
View the Source
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