John Maynard Keynes: Difference between revisions

Revision as of 20:32, 7 December 2011

1883-1946. Economist. Member of the Bloomsbury Group.

The theories of the British economist John Maynard Keynes have influenced theoretical discussions and the economy policy all over the world. Two of his suggestions were especially effective: the use of changing exchange rates as means of economy policy und the recommendation to fight unemployment with limited inflation. His thoughts were social; some call him socialist, others saviour of capitalism. After 1918, he fought the Treaty of Versailles and the allied reparation policy.

under construction

Childhood and Youth

John Maynard Keynes was born in Cambridge on June 5, 1883. Keynes grew up in Victorian and Edwardian times; prices and interest rates were relatively stable. His childhood was formed by his father, John Neville Keynes, a philosopher, economist and administrator at university and his mother, Florence Ada, an early graduate of Cambridge University, active member of charity and later major of the city. Keynes was the oldest of three siblings.Already at the age of 4 ½, Keynes replied when asked what interest is: “If I let you have a halfpenny and you kept it a very long time, you would have to give me back that halfpenny and another too. That is interest.” (Sills, 114)

His upbringing was traditional: nanny, kindergarten, elementary school, followed by Eton and classical and mathematical studies at King’s College. His mathematics teacher sees him as talented, but also remarks his lack of patience when difficulties arise. During his school time he wins several prizes, e.g. Eton’s Junior Mathematical Prize (1898), Eton's Senior Prize (1900). At King’s College, he engages in several debating and intellectual societies, which are going to shape him more than his formal studies. His later development was clearly influenced by his membership in the Bloomsbury Group. He is also an active sportsman. In the final examinations, he scored 12th. In 1903, he entered a secret society called Apostel.

War

1916, the Government introduced the official duty for all men age 18-41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied again for dispensation. But for his fellow members of the Bloomsbury Group, his engagement in financing the war was already too much. His way to protest was to lay down his office and to write The Economic Consequences of the Peace.

Global economic crisis

Underconsumption

Return to the golden standard

A great nation

Ministry of Finance

Selection of his Publications

1919 The Economic Consequences of the Peace
1921 A Treatise of Probability
1922 A Revision of the Treaty
1923 A Tract on Monetary Reform
1930 A Treatise on Money
1940 How to Pay for the War

Sources

Brüggemeier, Franz-Josef. Geschichte Großbrittaniens im 20. Jahrhundert. München: C.H.Beck, 2010.
Maurer, Michael. Kleine Geschichte Englands. Stuttgart: Reclam, 2007.
Moggridge, Donald. John Maynard Keynes. München: dtv, 1977.
Sills, David L. and Merton, Robert K., ed. Social Science Quotations. Who said What, When, and Where. New Jersey: Transaction Publishers, 2000.

John Maynard Keynes. Timeline. http://www.maynardkeynes.org/keynes-career-timeline.html December 6, 2011

@@ Line 1: / Line 1: @@
 -1946. Economist. Member of the [[Bloomsbury Group]].
-[[Category:Expansion]]
+The theories of the British economist John Maynard Keynes have influenced theoretical discussions and the economy policy all over the world. Two of his suggestions were especially effective: the use of changing exchange rates as means of economy policy und the recommendation to fight unemployment with limited inflation. His thoughts were social; some call him socialist, others saviour of capitalism. After 1918, he fought the [[Treaty of Versailles]] and the allied reparation policy.
 '''under construction'''
@@ Line 9: / Line 9: @@
 '''Childhood and Youth'''
+John Maynard Keynes was born in Cambridge on June 5, 1883. Keynes grew up in Victorian and Edwardian times; prices and interest rates were relatively stable. His childhood was formed by his father, John Neville Keynes, a philosopher, economist and administrator at university and his mother, Florence Ada, an early graduate of Cambridge University, active member of charity and later major of the city. Keynes was the oldest of three siblings.Already at the age of 4 ½, Keynes replied when asked what interest is: “If I let you have a halfpenny and you kept it a very long time, you would have to give me back that halfpenny and another too. That is interest.” (Sills, 114)
-John Maynard Keynes was born in Cambridge on June 5, 1883. His father lectured economy at Cambridge University and his mother - one of the first female graduates- was an active member of charity, later major of the city. Already at the age of 4 ½, Keynes replied when asked what interest is: “If I let you have a halfpenny and you kept it a very long time, you would have to give me back that halfpenny and another too. That is interest.” (Sills, 114)
+His upbringing was traditional: nanny, kindergarten, elementary school, followed by Eton and classical and mathematical studies at King’s College. His mathematics teacher sees him as talented, but also remarks his lack of patience when difficulties arise. During his school time he wins several prizes, e.g. Eton’s Junior Mathematical Prize (1898), Eton's Senior Prize (1900). At King’s College, he engages in several debating and intellectual societies, which are going to shape him more than his formal studies. His later development was clearly influenced by his membership in the [[Bloomsbury Group]]. He is also an active sportsman. In the final examinations, he scored 12th. In 1903, he entered a secret society called Apostel.
-Keynes does very well in St. Faith preparatory school. His mathematics teacher sees him as talented, but also remarks his lack of patience when difficulties arise. In 1896, the headmaster of the school recommends a scholarship for Eton, which Keynes eventually gets a year later. His ill health, which has already interfered with his school education, reoccurs during university, resulting in absence from classes. In 1898, he wins Eton’s Junior Mathematical Prize and the Senior Prize in 1900. Other Prizes are to follow.
-In 1902, Keynes begins as an undergraduate at King’s College. There, he engages in several debating and intellectual societies, which are going to shape him more than his formal studies. He is also an active sportsman.
+'''War'''
-In the final examinations, he scores 12th.
+, the Government introduced the official duty for all men age 18-41. As an officer at the Financial Ministry, Keynes was excluded from this regulation; for reasons of conscience he applied again for dispensation. But for his fellow members of the [[ Bloomsbury Group]], his engagement in financing the war was already too much. His way to protest was to lay down his office and to write ''The Economic Consequences of the Peace''.
@@ Line 35: / Line 37: @@
 '''Ministry of Finance'''
+==Selection of his Publications==
+*'''1919''' ''The Economic Consequences of the Peace''
+*'''1921''' ''A Treatise of Probability''
+*'''1922''' ''A Revision of the Treaty''
+*'''1923''' ''A Tract on Monetary Reform''
+*'''1930''' ''A Treatise on Money''
+*'''1940''' ''How to Pay for the War''
@@ Line 42: / Line 54: @@
 *Brüggemeier, Franz-Josef. ''Geschichte Großbrittaniens im 20. Jahrhundert''. München: C.H.Beck, 2010.
 *Maurer, Michael. ''Kleine Geschichte Englands''. Stuttgart: Reclam, 2007.
+*Moggridge, Donald. ''John Maynard Keynes''. München: dtv, 1977.
 *Sills, David L. and Merton, Robert K., ed. ''Social Science Quotations. Who said What, When, and Where''. New Jersey: Transaction Publishers, 2000.
 *John Maynard Keynes. Timeline. http://www.maynardkeynes.org/keynes-career-timeline.html December 6, 2011