![]() He was tutored at home by a governess, Beatrice Mackintosh, and his mother. ![]() He quickly showed a talent for arithmetic, but his health was poor leading to several long absences. ![]() In January 1889, at the age of five and a half, Keynes started at the kindergarten of the Perse School for Girls for five mornings a week. Keynes's mother made her children's interests her own, and according to Skidelsky, "because she could grow up with her children, they never outgrew home". Keynes received considerable support from his father, including expert coaching to help him pass his scholarship exams and financial help both as a young man and when his assets were nearly wiped out at the onset of Great Depression in 1929. ![]() They attended a Congregational Church and remained in the same house throughout their lives, where the children were always welcome to return. Geoffrey became a surgeon and Margaret married the Nobel Prize-winning physiologist Archibald Hill.Īccording to the economic historian and biographer Robert Skidelsky, Keynes's parents were loving and attentive. Keynes was the first born, and was followed by two more children – Margaret Neville Keynes in 1885 and Geoffrey Keynes in 1887. His father, John Neville Keynes, was an economist and a lecturer in moral sciences at the University of Cambridge and his mother, Florence Ada Keynes, a local social reformer. John Maynard Keynes was born in Cambridge, England, in June 1883 to an upper-middle-class family. Keynes's grandmother wrote to him saying that, since he was born in Cambridge, people will expect him to be clever. Early life and education King's College, Cambridge. In addition to being an economist, Keynes was also a civil servant, a director of the Bank of England, and a part of the Bloomsbury Group of intellectuals. The Economist has described Keynes as "Britain's most famous 20th-century economist". When Time magazine included Keynes among its Most Important People of the Century in 1999, it reported that "his radical idea that governments should spend money they don't have may have saved capitalism". Keynesian economics provided the theoretical underpinning for economic policies undertaken in response to the financial crisis of 2007–2008 by President Barack Obama of the United States, Prime Minister Gordon Brown of the United Kingdom, and other heads of governments. The advent of the global financial crisis of 2007–2008 sparked a resurgence in Keynesian thought. Keynes's influence started to wane in the 1970s, partly as a result of the stagflation that plagued the Anglo- American economies during that decade, and partly because of criticism of Keynesian policies by Milton Friedman and other monetarists, who disputed the ability of government to favourably regulate the business cycle with fiscal policy. As a leader of the British delegation, Keynes participated in the design of the international economic institutions established after the end of World War II but was overruled by the American delegation on several aspects. Almost all capitalist governments had done so by the end of the two decades following Keynes's death in 1946. By the late 1930s, leading Western economies had begun adopting Keynes's policy recommendations. He detailed these ideas in his magnum opus, The General Theory of Employment, Interest and Money, published in early 1936. Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions. He argued that aggregate demand (total spending in the economy) determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment, and since wages and labour costs are rigid downwards the economy will not automatically rebound to full employment. ĭuring the Great Depression of the 1930s, Keynes spearheaded a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He is known as the "father of macroeconomics". His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. 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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