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J. M. Keynes is a notable figure in the world of economics. Twentieth-century economics had seen a revolution with a major contribution from John Maynard Keynes. He has made a significant contribution to the subject of economics. Today he finds a significant place in the economists’ Hall of Fame.
Born on 5 June 1883, Keynes is renowned as one of the founders of modern theoretical macroeconomics. J. M. Keynes was the son of John Neville Keynes and was born at Cambridge. His education started at Eton followed by King’s College, Cambridge. Though initially aimed at studying mathematics, his interest grew in economics. He studied economics under two renowned economists A.C. Pigou and Alfred Marshall. J. M. Keynes completed his education in 1908 with a Masters in arts degree which he received after receiving bachelors of Arts degree in 1905. His career began with a lectureship job in economics at Cambridge, which was funded personally by Alfred Marshall. He was soon appointed to Royal Commission on Indian Currency and Finance, where his job included the application of economic theory to solve practical problems.
J. M. Keynes brought about a revolution in the field of macroeconomics. The General Theory of Employment, Interest and Money is regarded as his best work. It is believed that Keynes has lad the foundation to a new branch of economics which is now popular as macroeconomics. The General Theory of Employment, Interest and Money was put forward in 1936. This theory was based on the methods earlier formulated by Alfred Marshall. Keynes argued that based on certain theories, the macroeconomics relations differ from microeconomic concepts. The result obtained from the aggregate of any factor of production differs when it’s used individually. He put forward major arguments against the New Classical Economics assumptions. He introduced a generalization of neoclassical theory, where he analyzed neoclassical theory of the labor market.
Apart from the general theory the other acclaimed works of Keynes’s include:
He told the Irish government to spend because they were so poor. He advocated spending as a way to generate economic activity and prosperity. He was wrong in this case and Ireland fell into even more poverty until about the 60s.
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This glossary post was last updated: 30th March, 2020 | 0 Views.