John Maynard Keynes is uncertainly one the most important figures in the history of modern economics. The son of the Cambridge economist and logician John Neville Keynes, John Maynard Keynes was born in Cambridge, England on June 5, 1883. Keynes was educated in Britain’s most elite institutions, Eton and then King's College Cambridge. In 1906, he entered the British civil service for a little while and worked in the Indian Treasury as a junior clerk. However, unsatisfied with the work he returned in 1908 to teach economics in Cambridge. In India he learned the demands of government service. In 1911 he became the editor of the Economic Journal, a position he would hold almost until the end of his life.
During this time Keynes wrote his first economic book first book on Indian currency which was directly related to his experience at the India office. From 1914 to 1918, Keynes was called to the UK Treasury to aid with the financing of the British war economy. He excelled at his job and the authority he gained earned him a position with the British delegation to the Versailles Peace Conference in 1918. Keynes was dismayed at the unfair nature of the peace settlement, and was particularly opposed to the
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This gave birth to Keynesian economics. One of which is Economic Consequences of the Peace. However, when Roosevelt was out of all other ideas and implemented Keynesian economics the economy improved. In 1919 he resigned from the conference and in respond to the treaty he published his Economic Consequences of the Peace disapproving the Treaty of Versailles After returning to Cambridge in 1921, Keynes published his Treatise on Probability, where he took apart the classical theory of probability and started what now known as the "logical-relationist" theory of probability. This was written in response to the Treaty of Versailles. He posited that the determining factor to be aggregate demand. However, much of his economic theories are representations of his real world experiences. This theory was later proven true when World War II broke out almost 20 years later.
John Maynard Keynes was a highly educated man. This heavily anticipated book was favorably timed for a world caught in the grips of the Great Depression. Many doubted his ideas and this created major controversy. In 1925 he married the Russian ballerina, Lydia Lopokova. Keynes created the concept of a demand-determined equilibrium wherein unemployment is possible, the ineffectiveness of price flexibility to cure unemployment, a theory of money based on "liquidity preference", the introduction of radical uncertainty and expectations, the marginal efficiency of investment schedule, the possibility of using government fiscal and monetary policy to help eliminate recessions and control economic booms. Keynes believed that the conditions of the treaty were to stern on the German economy. He believed that this government aid would stabilize a capitalist marketplace and the created employment would make up for the deficit.
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