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Essays on biography john maynard keynes
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John Maynard Keynes was born June 5, 1885 in Cambridge, England. His father was an economist and philosopher and lectured at Cambridge University, while his mother was the first female mayor of their town. (BBC) At a young age Keynes was influenced by his father and began questioning what interest was. He had poor health which made it difficult to attend school when he was young but, he was instead tutored by a governess and his mother, who was one of the first female graduates from Cambridge University. (BCC) Math and history were two areas that he excelled when he started at primary school. He was one of twenty students to received a scholarship to Eton College that were awarded, at the age of 13. (Career Timeline)
In 1902, Keynes transferred to King’s College under a scholarship to study mathematics. Alfred Marshall, an economist, encouraged him to become an economist. He graduated with a B.A. in mathematics and over the course of two years continued to study philosophy and economics lectures. (Maynard Keynes) Keynes then began his Civil Service career but, after two years resigned his position and returned to Cambridge to work on probability theory. A year later he published his first professional economics article in the Economics Journal, about the economic downturn on India, where he previously was working. Soon after he became the editor there and his first book Indian Currency and Finance was published in 1913. Later in 1913, he accepted a seat on a Royal Commission “to enquire into Indian Finance and Currency”. (Career Timeline)
In August of 1914 World War I began. John Maynard Keynes wrote a memorandum
“urging resistance to demands by making bankers for the creation of new assets and suspension of liabilities.” (C...
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...nfluential economist of the twentieth century. His books and the institutions he helped establish continue to affect our lives. His theories on modern economics have helped those everywhere because they help logically organize our thoughts about the economy and make predictions. (Career Timeline)
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Viksnins, George J. "Reaganomics After Twenty Years." Georgetown.edu. Georgetown University, n.d. Web. 12 Nov. 2013.
He made many great accomplishments during his time and probably his greatest was what he did for America in its hour of need. During the 1920's, the U.S. experienced a stock market crash of enormous proportions which crippled the economy for years. Keynes knew that to recover as soon as possible, the government had to intervene and put a decrease on taxes along with an increase in spending. By putting more money into the economy and allowing more Americans to keep what they earned, the economy soon recovered and once again became prosperous.
John Alexander Macdonald was born in Glasgow, Scotland on January 11, 1815. His family immigrated to Canada (Kingston, Ontario) in 1820, Macdonald was five years old at the time. In 1829 Macdonald ended his schooling, his parents could not afford to send him to university. Macdonald would later say that if he had went to university he would have ended up in literature, not politics. (Waite, John, 7-10)
William Graham Sumner came from a hard working family. He grew up in the environment where he was taught to respect Protestant economic virtues. Hard work and efficiently utilizing money leads to the result in success. After reading, Illustration of Political Economy written by Harriet Marti he became aware of the wage fund doctrine, and other theories associated with that. His understanding of capital, labor, money and trade were based upon the book, Illustration of Political Economy. He published books like Earth hunger, The Absurd Effort to Make the World Over, The Forgotten Man, Folkways and others. His intellectual ideas were passed through the columns of popular journals and from the lecture platform, he waged a holy war against reformism, protectionism, socialism, and government interventionism.
Even though Adam Smith lived in a different century then us, he fully understood how wealth can be accumulated. His concepts of capitalism and free market are still the root of many nations and still bring much wealth to these nations. With all these accomplishments, we can, with no doubt, say Adam Smith is the father of economics.
"President Lyndon B. Johnson's Biography." LBJ Biography. LBJ Library Archieves Staff, n.d. Web. 08 Dec. 2013.
Keynes and Hayek each approach the economy from a different perspective. In Keynes’ estimation, it is all about the flow of money. The economy is improving when money is moving, and thus, stability is achieved as much as is possible. Consequently, spending, and more specifically government spending, is the key to unlock the door blocking economic growth. By contrast, Hayek contends that money is not everything. What the money is used for, whether it be saved, invested, loaned, or spent, also plays an important role in the progression of the economy. Growth comes from saving and investing not consumption and spending. The stability of the economy, according to Hayek, is brought about by the forces of supply and demand.
On November 30, 1874, Winston Leonard Churchill was born in Blenheim Palace (Black 40). His father was Lord Randolph; a persistent politician who spent much of his time working for the Liberal Party. His mother was Jennie Jerome; a young woman who was the daughter of an American millionaire (41). Throughout his life, Churchill does not reflect of his parents too fondly of his parents who always distanced themselves from their son.
John Maynard Keynes, British economist, journalist, was born on June 5th 1883, in Cambridge, England. His father, Dr. John Neville Keynes, was an economist and a philosopher. Keynes attended Eton and then Cambridge University. At first he studied Mathematics but then turned his attention to Economics when he was offered the job at the British treasurer after the First World War when the British economy was at pressure. A man who gained a modicum amount of wealth from 1919 to 1938, married Lydia Lopokova in 1926 and passed away on April 21st, 1946.
Keynesian Economics was developed and founded by John Maynard Keynes. He believed and wrote in his book “The General Theory of Employment, Interest and Money” that it is essential for the Government to play a vital role in economic stability. Keynesian theorists believe government spending, tax hikes and tax breaks are vital to economic success. Keynesian assumptions include: Rigid or Inflexible Prices, Effective Demand, and Savings-Investment Determinants. Rigid or Inflexible Prices suggest that wage increases are easier to take while wage decreases hit resistance; likewise, a producer will increase prices yet when needed will be reluctant to decrease prices.
helped create the new economy of capitalism with his book, "The Wealth of Nations", countries
The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique for thinking, which helps the possessor to draw correct conclusions. The ideas of economists and politicians, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." (John Maynard Keynes, the General Theory of Employment, Interest and Money p 383)
Friedman, Milton. An Economist's Protest: Columns in Political Economy. Glen Ridge] N.J.: T. Horton, 1972. 6-7. Print.
Ferguson, S (1999) Keynesian Theory and its implication, College of Management and Economics, Canada University, 298-312
Lord Lionel Robbins was born in 1898, and was one of the many great economists of our time. Robbins was known for his contributions to economic policy, methodology, and the history of ideas, but made his name as a theorist. Robbins was made famous for his definition of economics, "Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses." (The Concise Encyclopedia of Economics 2007) Robbins was able to change the Anglo-Saxon thought economics off its Marshallian process and onto the Continental train of thought.