AT ONE POINT HE WAS A BABY• John Maynard Keynes was born on June 5th, 1883 in Cambridge, Cambridgeshire, England, to an upper-middle-class family.• His father, John Neville Keynes, was an economist and a lecturer at the University of Cambridge• His mother, Florence Ada Keynes , was a local social reformer.• John was the oldest of three, with a younger sister and brother.• Keynes’ parents were loving and attentive to their children, serving as good parents. unlike mine
YEAH HIS PARENTS DID A PRETTY DARN GOODJOB• Keynes’ father greatly supported him , not only by keeping a stable household available throughout most of his young life, but also by helping him through school financially and helping with scholarships and studies.• Later on, when Keynes was hit by the Great Depression in 1929, his father helped him financially yet again.• According to economist and biographer Robert Skidelsky, the Keynes Kids “never outgrew home”, as their mother often made their interests her own to try and keep a good relationship with them. *actual photo*
COLLEGE LIFE’S SO CRAY-CRAY• Keynes won a scholarship to Eton College in 1897, where he displayed talent in a wide range of subjects, particularly mathematics, classics and history.• Keynes found himself mixing easily with the upper-class students, despite his middle-class roots.• Alfred Marshall himself begged Keynes to become an economist• Keyne was very interested in philosophy; particularly the works of G. E. Moore, whose studies focused on ethics and personality.• He avidly studied philosophy and observed many lectures on economics.• also he was gay for Dan Macmillan and called him the first “love of his life”. Really. This isn’t a bad joke. He was legitimately homosexual.
AND SO BEGINS HIS EPIC QUEST AS ANECONOMIST• Keynes’ first job was as a clerk in the India Office of Britain.• He got bored and quit after two years.• In 1909 Keynes published his first professional economics article in the Economics Journal, about the effect of a recent global economic downturn on India.• In 1911 Keynes was made editor of The Economic Journal.• By 1913 he had published his first book, Indian Currency and Finance
BUT EVERYTHING CHANGED WHEN THE TRIPLEALLIANCE NATIONS ATTACKED• The British Government called on Keyness expertise during the First World War.• In January 1915 Keynes took up an official government position at the Treasury.• He convinced Lloyd George, the Chancellor of Exchequer, not to suspend specie payments (conversion of bills to gold).• With effort, he managed to collect a small supply of Spanish pesetas.• He boldly sold them rather than giving them up to the treasury, and ended up making the right decision – they became extremely expensive and he amassed enough money to help the government temporarily.• In the 1917 Kings Birthday Honours, Keynes was appointed Companion of the Order of the Bath for his wartime work, as well as financial representative for the Treasury to the 1919 Versailles peace conference, and Officer of the Belgian Order of Leopold. its mine I got it
HE ROARED IN THE TWENTIES• Keynes had completed his A Treatise on Probability before the war, but published it in 1921.• He likely did this to gain attention when people were done focusing on warfare.• The book was a landmark achievement in probability theory for economics and mathematics, and was extremely well-received and influential.• Keynes was a strong advocate for reducing the extremely high German reparations.• Britain suffered through high unemployment during the Twenties, so he suggested the depreciation of sterling (British currency) to boost jobs by making British exports more affordable.
THEN THE WORLD GOT GREATLY DEPRESSEDBUT ITS OKAY HE WROTE ANOTHER BOOK• Keynes wrote Treatise on Money to examine the relationship between unemployment, money and prices back in the 1920s.• The book was finished and published in 1930, in two volumes.• He theorized that if the amount of money being saved by the general public exceeds that which is invested, unemployment will rise.• Keynes was extremely critical of the government’s actions during the depression, believing that deficits were in fact a good thing during a state of recession and should be utilized to keep businesses running.• “For Government borrowing of one kind or another is natures remedy, so to speak, for preventing business losses from being, in so severe a slump as to present one, so great as to bring production altogether to a standstill.“ - Keynes
THEN HE WROTE MORE BOOKS• At the height of the Great Depression, in 1933, Keynes published The Means to Prosperity, which contained specific policy recommendations for tackling unemployment in a global recession.• The book contained one of the first mentions of the “multiplier effect” in economics.• A copy of the book was sent to American President Franklin D. Roosevelt and other world leaders.• Keyness magnum opus, The General Theory of Employment, Interest and Money was published in 1936.• Served as a theoretical justification for the interventionist policies Keynes favoured for tackling a recession.
SO BASICALLY HE WAS A REALLY COOL DUDEAND PEOPLE LIKED HIM• From the end of the Great Depression to the mid-1970s, Keynes inspired economic policy makers in Europe, America and much of the rest of the world.• Keynesian ideas became so popular that some scholars point to Keynes as representing the ideals of modern liberalism.• Though Keynesian Economics declined in use and regard around the 1970’s, the 2008 recession sparked a Keynesian revival.• To this day, Keynes’ ideas are debated and considered in modern economics, and were extremely influential for their time.
SO I USED THESE SOURCES AND STUFF• http://en.wikipedia.org/wiki/John_Maynard_Keynes• http://press.princeton.edu/releases/m8714.html• http://www.tkc.com/resources/resources-pages/keynes.html