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Sir John Maynard
Keynes (1883-1946)
Father of Modern Economics
background
 Born June 5, 1883, in Cambridge, England
 His father was a professor at Cambridge, and his mother one of the first women to attend
Cambridge.
 He attended College at Eton, and then went on to study at Cambridge University.
The Great Depression 1930
 The Great Depression was an economic slump in industrialized areas of the world that began in
1929 and lasted until about 1939.
 All classical theories were proved wrong in the depression.
 Unemployment rose to about 25%
 Output declined to 50%
 Stock prices fell by 30%
 These numbers continued to rise.
 The economic state kept on falling.
The Economic state before Keynes
Keynesian Philosophy
 Economy should be viewed in the short-run.
 Government control is necessary to keep the economy healthy.
 Government should intervene and try to increase the consumption.
 Public debt should not be more than 50% of GDP.
Recovery from The
Great Depression
By using these theories, the industrialist economies of
the world were able to recover from the greatest
economic downfall in history.
The collected writings of Keynes
 The collected writings of Keynes comprises 30 volumes.
 John Maynard Keynes is one of the most influential thinkers of the twentieth century. His writings
have revolutionized modern economic theory and policy across the world.

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Sir John Maynard Keynes

  • 1. Sir John Maynard Keynes (1883-1946) Father of Modern Economics
  • 2. background  Born June 5, 1883, in Cambridge, England  His father was a professor at Cambridge, and his mother one of the first women to attend Cambridge.  He attended College at Eton, and then went on to study at Cambridge University.
  • 3. The Great Depression 1930  The Great Depression was an economic slump in industrialized areas of the world that began in 1929 and lasted until about 1939.  All classical theories were proved wrong in the depression.  Unemployment rose to about 25%  Output declined to 50%  Stock prices fell by 30%  These numbers continued to rise.  The economic state kept on falling.
  • 4. The Economic state before Keynes
  • 5. Keynesian Philosophy  Economy should be viewed in the short-run.  Government control is necessary to keep the economy healthy.  Government should intervene and try to increase the consumption.  Public debt should not be more than 50% of GDP.
  • 6. Recovery from The Great Depression By using these theories, the industrialist economies of the world were able to recover from the greatest economic downfall in history.
  • 7. The collected writings of Keynes  The collected writings of Keynes comprises 30 volumes.  John Maynard Keynes is one of the most influential thinkers of the twentieth century. His writings have revolutionized modern economic theory and policy across the world.