John Maynard Keynes

John Maynard Keynes had a fairly prolific life as an economist. He first became famous for his book "The Economic Consequences of the Peace". In this book he argued that the massive reparations that the world put on Germany would keep them poor and as a result unstable. Which history has proven to be true. Keynes also mad The General Theory of Employment, Interest and Money. Which explained aggregate demand as the sum of consumption, investment and government spending. Which is now called The General Theory.
I have learned about Keynesian economics, that said if you asked me yesterday what John Maynard Keynes was famous for I would have no Idea. I think that Keynes is most relevant for the class is by those that he influenced. The last thing that Keynes published was in 1939. which was nearly 80 years ago. This means that everything that he has said has been either built on or refuted.


Bibliography
The Editors of Encyclopædia Britannica. “John Maynard Keynes.” Encyclopædia Britannica, Encyclopædia Britannica, Inc., 23 Jan. 2017, www.britannica.com/biography/John-Maynard-Keynes.

 “John Maynard Keynes.” John Maynard Keynes: The Concise Encyclopedia of Economics | Library of Economics and Liberty, Library of Economics and Liberty, 2008, www.econlib.org/library/Enc/bios/Keynes.html.

Comments

  1. Professor ArvanSeptember 1, 2017 at 7:58 AM

    Just so you understand, not all the economists who are being used as aliases did work that directly relates to the class. Nevertheless, some of what Keynes talked about in the General Theory, which deals with how people form expectations under uncertainty, and in particular the phenomenon of going with the crowd, that clearly effects how markets behave. However, Keynes is mostly thought of as a macro economist, and is associated with the view that when the economy is in a slump, government spending is a good solution to get the economy going again. Our subject matter is much more microeconomics, and is really not concerned with how the overall economy operates.

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