John Maynard Keynes Biography

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John Maynard Keynes was born on the 5th of June 1883 in Cambridge, England. He was the eldest of 3 children who were born into an Upper middle class family. John Neville Keynes, his father, was a lecturer in moral sciences in The University of Cambridge and was an Economist. He divided economics into “Positive Economy” which is the study of what is and the way the economy works, “Normative Economy” which is the study of what should be and the “Art of Economics” which relates the lessons learned in positive economics to the normative goals determined in normative economics. His main works were 1) Studies and Exercises in Formal Logic (1884) and 2) The Scope and Method of Political Economy (1891). He married Florence Ada Keynes, a local social…show more content…
In April of 1907 he started working in the Revenue, Statistics and Commerce Department of the India Office. By June in 1908 Keynes resigned from the India Office to work on a probability theory in Cambridge, for which he got £100 from his father and the same amount, paid privately, from Pigou, the chair of Economics at Cambridge, each year. On the 19th of January in 1909, Keynes started lecturing on Money, Credit and Prices three times a week at Cambridge University. Indian Currency and Finance, the first major work completed by Keynes on Economics, was published in…show more content…
This cycle proceeds on and helps support a typical, working economy. At the point when the Great Depression hit, individuals' normal response was to store their cash. Under Keynes' hypothesis, this halted the circular stream of cash, keeping the economy at a stop. Keynes' answer for this poor financial state was to "Prime the pump". He contended that the government ought to venture into increment spending either by expanding the cash supply or by really purchasing things itself. Amid the Great Depression, be that as it may, this was not a well-known arrangement. It is said, in any case, that the huge resistance spending that United States president Franklin Delano Roosevelt started resuscitated the U.S. economy. Keynesian financial aspects advocates for people in general area to venture into help the economy by and large, which is a noteworthy take-off from mainstream monetary believed that went before it. Free enterprise private enterprise upheld the avoidance of the general population division in the market. The conviction was that a liberated market would accomplish balance on its own. The advocates of free-market capitalism incorporate the Austrian School of economics. One of its organizers, Friedrich von Hayek, lived in England at the same time as Keynes. The two men had an open
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