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John Maynard Keynes, 1st Baron Keynes, CB, FBA (/ k eɪ n z / KAYNZ; 5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.
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John Neville Keynes (/ ˈ k eɪ n z / KAYNZ; 31 August 1852 –...
- New Keynesianism
In 1993, John B Taylor formulated the idea of a Taylor rule,...
- Lydia Lopokova
Lydia Lopokova, Baroness Keynes (born Lidiya Vasilyevna...
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- Keynesian economics
Keynesian economics (/ ˈ k eɪ n z i ə n / KAYN-zee-ən;...
- John Neville Keynes
- Keynes's Aims in The General Theory
- Summary of The General Theory
- The Writing of The General Theory
- Reception
- Further Reading
- External Links
The central argument of The General Theory is that the level of employment is determined not by the price of labour, as in classical economics, but by the level of aggregate demand. If the total demand for goods at full employment is less than the total output, then the economy has to contract until equality is achieved. Keynes thus denied that ful...
Keynes's main theory (including its dynamic elements) is presented in Chapters 2-15, 18, and 22, which are summarised here. A shorter account will be found in the article on Keynesian economics. The remaining chapters of Keynes's book contain amplifications of various sorts and are described later in this article.
Keynes drew a lot of help from his students in his progress from the Treatise on Money (1930) to the General Theory (1936). The Cambridge Circus, a discussion group founded immediately after the publication of the earlier work, reported to Keynes through Richard Kahn, and drew his attention to a supposed fallacy in the Treatisewhere Keynes had writ...
Keynes did not set out a detailed policy program in The General Theory, but he went on in practice to place great emphasis on the reduction of long-term interest rates and the reform of the international monetary system as structural measures needed to encourage both investment and consumption by the private sector. Paul Samuelsonsaid that the Gene...
Introductions
The earliest attempt to write a student guide was Robinson (1937) and the most successful (by numbers sold) was Hansen (1953). These are both quite accessible but adhere to the Old Keynesian school of the time. An up-to-date post-Keynesian attempt, aimed mainly at graduate and advanced undergraduate students, is Hayes (2006), and an easier version is Sheehan (2009). Paul Krugman has written an introduction to the 2007 Palgrave Macmillan edition of The General Theory.
Journal articles
1. Caldwell, Bruce (1998). "Why Didn't Hayek Review Keynes's General Theory" (PDF). History of Political Economy. XXX (4): 545–569. doi:10.1215/00182702-30-4-545. 2. Rueff, Jacques (May 1947). "The Fallacies of Lord Keynes General Theory". The Quarterly Journal of Economics. LXI (3). Oxford: Oxford University Press: 343–367. doi:10.2307/1879560. JSTOR 1879560. 3. Rueff, Jacques (November 1948). "The Fallacies of Lord Keynes' General Theory: Reply". The Quarterly Journal of Economics. LXII (5)...
Books
1. Amadeo, Edward (1989). The principle of effective demand. Aldershot UK and Brookfield US: Edward Elgar. 2. Ambrosi, Gerhard Michael (2003). Keynes. Pigou and Cambridge Keynesians, London: Palgrave Macmillan. 3. Chick, Victoria (1983). Macroeconomics after Keynes. Oxford: Philip Allan. 4. Davidson, Paul (1972). Money and the Real World. London: Macmillan. 5. Davidson, Paul (2002). Financial markets, money and the real world. Cheltenham UK and Northampton US: Edward Elgar. 6. Hansen, Alvin (...
- John Maynard Keynes
- 1936
John Maynard Keynes, 1st Baron Keynes, CB (5 June 1883 – 21 April 1946) was a British economist. His ideas, called Keynesian economics, had a big impact on modern economic and political theory. His ideas also had a big impact on many governments' tax and economic policies.
Apr 22, 2024 · Learn about the life and work of John Maynard Keynes, the British economist who founded Keynesian economics and advocated for government intervention in the economy. Find out the main principles, criticisms, and examples of Keynesian economics.
6 days ago · John Maynard Keynes (born June 5, 1883, Cambridge, Cambridgeshire, England—died April 21, 1946, Firle, Sussex) was an English economist, journalist, and financier best known for his economic theories (Keynesian economics) on the causes of prolonged unemployment.
The phrase "technological unemployment" was popularised by John Maynard Keynes in the 1930s, who said it was "only a temporary phase of maladjustment". The issue of machines displacing human labour has been discussed since at least Aristotle's time.
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