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. .