John Maynard Keynes, a Biography

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[Abstract: Born in Cambridge, England. A bright student. An influential economist of the twentieth century. Considered the father of modern macroeconomics, advocated interventionist governmental policy. ]

John Maynard Keynes, a Biography

Widely considered the father of modern macroeconomics, John Maynard Keynes is an important figure in the field of economics. He advocated and interventionist governmental economics. He was a British economist of the twentieth century; Keynesian economics has taken an important factor in fighting back the global ‘recession’ that begun in 2007. He wrote on every influential social science treatise that had a major impact on how the world sees the way economic works, General Theory of Employment, Interest and Money (1936). So influential was him that been that he has an entire school of modern thought bear his name, Keynesian economics.

John Maynard Keynes was born in 1883 at 6 Harvey Road, Cambridge. He is born in comfortable circumstances. He was the first of three children the family would have. His father, should not come as much as a surprise, was an economist lecturer at Cambridge University. His mother was one of the first women to graduate from Cambridge University. She was an active charitable person that worked to help the less fortunate. She works as mayor of the city. His parent who outlived him continued to live at the 6 Harvey Road Cambridge Road for the rest of their lives. At four and a half year old he is asked what interest is and he replies, “6 Harvey Road, Cambridge. “ Keynes received his elementary education at home. He then attended Faith's preparatory school. His teachers noted that he was great in algebra and arithmetic and noted his large vocabulary. They critiqued his carelessness. Keynes easily ranks to the top of his class. Unfortunately Keyes apparently is affected by all the hard work and gets ill various time through out his school career which makes him miss school. He got himself several scholarships that to Eton University. With the help of his father who coached him Keynes prepared days before for the scholarship exam. His performance was good he was tenth of twenty overall.

He begins Eton three days late, following a fever. Keynes is noted as being taller that his classmate, his voice has broken and is instinctually self confident. He is a natural leader, his classmates look to him for leadership. He displayed a wide interest in subjects, particularly mathematics, classics and history. He mixed easily with upper-class students, despite his middle-class background. The new and young twentieth century sees Britain as a participant in the Boer War. Keynes does not join “Eton shooters”. At Eton Keynes becomes reputable for his debating skills and become president of the College Pop, Eton prestigious debate society.

In October of 1902 Keynes begins at King College. He becomes very involved with his evening social activities. He is invited to join several debating societies, he is a frequent speaker at the Union—Cambridge’s renowned debating society. Although he is an intellectual he does not abandon spots and wins a cup when his boat wins in the Trail Eights. Of the three life-long connections Keynes had one was he would remain a fellow of King’s College. Keynes studied mathematics at King’s College. The famous Alfred Marshalls begged him to become an economist. Keynes was more inline to philosophy, especially the ethical system of G.E. Moore. He became a member of the semi secretive Cambridge Apostles society, reserved for the brightest students. He received his first Bachelor degree in Mathematics in 1904.

Keynes Civil Service began in 1906 as a clerk in the India Office. From his experience at the office he wrote his first book, India Currency (1913). In 1914 he was called to the UK treasury were he was asked to financing of the British war economy. He succeeded and excelled at his job and was asked to partake in the Versailles Peace Conference in 1918. He was appalled by the vindictive nature of the peace settlement especially the harsh “reparation” payments levies on Germany. He resigned in the economic forum and published Economic Consequences of the Peace (1919) in which he publicly denounced the Versailles Conference and with brought him into the world spotlight. After the publication of his eloquent book he was considered a celebrity. After resigning he also returned back to teaching. He was part of the Bloomsbury Groups of literary great, which included Virginia Wolf and Bertrand Russell. In 1925 Keynes married ballet dancer Lydia Lopokova. He was made lord in 1942. He died on April 21, 1946, survives by this father, who was also a prominent economist of this days.

In 1920 Keynes believed in quantify theory of money called monetarism. He writing on the subject was principle he had learned from his mentors. In 1923 he wrote Tract on Monetary Reform and later published Treatise on Money, both about monetary reform. His major policy view was that central banks should have low interest rates and that major was to stabilize the economy it to stabilize the price level.

Keynes ideas dramatically changed after unemployment in Britain dragged in the inner war period, at some point unemployment almost reached levels as high as twenty percent. He investigated other causes of Britain economic woes which resulted in the production of The General Theory of Employment, Interest and Money. It became very influential, it stated that in order to maintain jobs government hast to spend money. A idea that has been widely used in United Stated and England after the economic fall in 2007. It also it introduced the notion of aggregate demand as the sum of consumption, investment.

Works Cited

Alan S. Blinder, "Keynesian Economics." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. 21 February 2010. .

Fonseca, Gonzalo L. "John Maynard Keynes." The History of Economic Thought.
Economic New School, n.d. Web. 21 Feb. 2010. .

"John Maynard Keynes." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. 21 February 2010. .

"John Maynard Keynes, the Timeline." John Maynard Keynes. N.p., 2007. Web. 21 Feb. 2010. .

Adam Smith, His Life and Works

[Abstract: Adam Smith, the economy philosopher. When he was born, where he was born, and his education background. The economic ideologies he is famous for, what book or books did he write and what is the topic and substance of the book or books.]

Adam Smith

Adam Smith was one of the first political economists. He was a very curious individual, he enjoyed reading and learning. Smith became known as a great lecturer² although he was personally very quite. His book “Wealth of Nation,” published in 1776, has remains the most influential book on economics ever written. He was heavily influence by Aristotle.

Adam Smith was born on June 5, 1723¹ in Kirkaldy, Scotland. His father had been a comptroller of customs and had died before he was born.² He live with him mother for the majority of his life, she live to be ninety. His education began at the University of Oxford at the age of fourteen, he was sent of on a scholarship. It is there where he learned Latin and was formerly introduced to the Greek education, which influence could be appreciated in his way of thinking. It is there where he read up on Hume’s A Treatise of Human Nature (1734-5). Smith’s interest in the work of Hume brought him into conflict with Oxford University. In 1750 Smith met Hume who later became a close friend.¹ When he returned he became part of the literati, "the brilliant circle in Edinburgh which included David Hume, John Home, Hugh Blair, Lord Hailes and Principal Robertson."²

He became the professor at Glasgow University in 1751 as professor of logic. He then transferred to the chair of moral philosophy in 1752. He had many unexpressed ideas which he would deliver seldom, yet with great oratory. His lecturers were about the “field of ethics, rhetoric, jurisprudence and political economy.”³ His students loved him and people came from afar to take him in. His lectures on moral philosophy were the subject to his first book The Theory of Moral Sentiment published in 1759. In his writing he talked about the standards of ethics that hold society together and the emphasis harmony of human motives under “beneficent providence.” He wrote about the origins of our feelings about moral approval and disapproval, ethics. Part of the explanation he mentions in his book is our ability to put ourselves in the shoes of others, sympathy. He also writes about the ability we have to judge ourselves as others would judge us. The book was become very popular; it was a success France and Germany.² Smith continued to revise it until his death in 1790.

Smith moved to London in 1776.2 That same year Smith published an Inquiry into the Nature and Causes of the Wealth of Nations, “which examined in detail the consequences of economic freedom.”3 It covered many concepts pertinent to economics that dealt with economy like division of labor, origin and use of money, stock, and commercial systems.4 His work was part of his philosophy studies, in those times much of the study carried out by universities was in history and philosophy. A course in jurisprudence, under philosophy, would in turn have the study of various leg at studies which in turn leads to the study of government and finally to the study of political economy. He had discussed form his work with the literati of the day, it was there where he met the illustrious Benjamin Franklin and Samuel Johnson. He traveled to France in to meet some of the “physocrats” including Voltaire. It was there he started writing the Wealth of Nations.

It affected the middle class of Europe and freshly independent United States of America.5 Europe was still heavily influence by the institution of feudalism, a medieval social system, in which vassals held land from lord in exchange for military services. The feudal system placed limitations and restrictions on the rising industrial bourgeois. US revolutionaries had just broken chain from that obnoxious system. Wealth of nations provided the “theoretical cannon hot for the chorus of growing bourgeois” that sparked their own strike against the Feudalistic bureaucracy and society. Smith critiqued the feudalist society ability to further develop Europe’s economy, it
would strangle industrial growth. He plead that the only correct way to practice economics was through the dictates of capitalism and not the “defunct feudalism.”5

Wealth of nations had the impact of establishing economics as an autonomous subject. It launched and laid the foundation for the doctrine of free enterprise that still holds today. He is commonly recognized as for the expression of the “invisible hand.” He uses the “invisible hand” to demonstrate how self interest guides the most efficient use of a nation’s resources, with public welfare coming as a by product. “He argued that state and personal efforts to promote social good are ineffectual compared to market forces.”3

After his return from France he stayed din his hometown of Kirkcaldy with his mother, he lived on the annuity of Duck of Buccleugh . He occupied himself in study only. Smith died in Edinburgh on July 17, 1790, at the age of 67, from an illness; “he was buried Canongate churchyard.”2 After his death it was discovered that he had devoted a “considerable part of his income to numerous secret acts of charity.”3

Works Cited

1. DeLong, Brad. “Adam Smith.” Ecomomist. U of California at Berkley, 13 July 1997. Web. 27 Jan. 2010. .

2. Landry, Peter. “Adam Smith.” Blupete. N.p., 2005. Web. 27 Jan. 2010. .

3. Chew, Robin. "Adam Smith." Lucidcafe. N.p., 2010. Web. 31 Jan. 2010.

4. Canaan, Edwin, ed. "An Inquiry into the Nature and Causes of the Wealth of
Nations." Library of Economics and Liberty. Liberty Fund, Inc., 2000. Web.
31 Jan. 2010.

5. Baggins, Brian. "The Wealth of Nations." Adam Smith Reference Archive. Marxist
Internet Archive, 2000. Web. 31 Jan. 2010. .

About the Essays, Part 2

It has been two year since I started my career at Science Academy I am currently a senior. I will be graduating this year and be part of the Class of 2010. I recently turned 18, I am now and adult:)/:(

I obtained a job during the summer of Junior year, after sophomore year. I still have that same job, at Marshall, part of the TJX Company. I have stayed their because the scheduling is flexible and part time which is great for me, due to the fact that I am still in school and part take in extracurricular activities. That is also why they have a high employment rate of high school an college students, at least in my store. The pay is not so good, minimum wage. It is difficult to get a raise, I have learned from co-workers who have been working there for many years. Some have even left to get a job somewhere else. I have seen my co-workers come and go; I am actually one of the most experienced workers, with the most time there. It has been a good experience, the company is definitely scared of UNIONS.

Sort of got of on a tangent there, I had been wanting to Artie about my job for a while now. Now that I have shared that with you I want to talk about the following essays that I will post. They are again assignments for a class, and AP economics course. The deal is I have to write a biography of sorts on three prominent economic figures; Adam Smith, John Maynard Keynes, and, Milton Friedman. I have completed the first biographies, I just need to do the essay on Milton Friedman. I have actually read up on them and learned quite a lot. I hope you find them entertaining :) and informative. Have a good one readers:)