John Maynard Keynes was a British economist whose ideas and theories greatly impacted the world of economics. He challenged economic policies and came up with some of the greatest theories that are still known and used today. He was widely considered to be one of the most important economists during the 20th Century. Keynes was born in 1883 and was a true son of Britain’s ruling class. He was much influenced by his father John Keynes who like his famous son was also an economist.
After graduating at Eton a school only open to sons of ruling class, young John Keynes had planned to study at Cambridge University. But since Keynes was interested in politics as well as mathematics, Alfred Marshall, considered the leader of British marginalism, convinced him to study economics instead. In economics Keynes could combine his interest in mathematics and politics. Through time Keynes discovered a passion for solving problems.
Keynes’s General Theory revolutionized the way economists think about economics. It was path breaking in many ways, in particular because it introduced the idea of aggregate demand as the sum of consumption, investment, and government spending and because it showed that full employment could be maintained. Economists still argue about Keynes thought but Keynes main goal was to protect wages and to not let them fall.
His expertise was demanded during WW 1. He worked for the advisor of the Chancellor and the treasury on financial and economic questions. Among his responsibilities were the design of terms of credit between Britain and its continental allies during the war, and the gaining of scarce currencies. Keynes theories were so influential, he had several cultural interests and was a central figure in the Bloomsbury group, consisting of prominent artists and authors in Great Britain
Following the outbreak of WW 2, Keynes ideas concerning