Intellectuals & Academics » Economists » JOHN MAYNARD KEYNES
|Full name||: John Maynard Keynes|
|Alias||: John Maynard Keynes|
|Animals||: The Sheep|
|Father||: John Neville Keynes,|
|Mother||: Florence Ada Keynes|
|Siblings||: Sir Geoffrey Keynes, Margaret Neville Keynes|
|Wife||: Lydia Lopokova (m. 1925-1946)|
|Children||: Sir Geoffrey Keynes|
|Education||: King's College Cambridge Eton College University of Cambridge|
Keynesian economics gets its name, theories and principles from the great Economist, John Maynard Keynes who changed the world of economics. John Maynard Keynes was a British economist who transformed the widely followed traditional economic theories to make way for revolutionary economic theories. Keynes is the creator and initiator of the use of fiscal and monetary measures that are used to bring down the crisis situations brought about by economic recessions and depressions. Keynes’ thoughts and theories are followed and referred even today by economists and economy students. Keyneisan ideas have been adopted by many political figures to bring positive changes in economic stability in nations around the world. Some of the notable Keynesian economics adopters are Presidents George W. Bush and Barack Obama of the United States, Prime Minister Gordon Brown of the United Kingdom. Capitalist nations and countries taking up the cause of social liberalism have strictly followed Keynes’ economic path to build their nations. It was after Keynes that the world started viewing the theory and practice of modern macroeconomics in a bigger and better manner. The much influential Keynesian economics have made way into several economic policies of governments. John Maynard Keynes is regarded as the founding father of modern macroeconomics.
Keynes started his career as a civil servant which began in October 1906 when he joined as a clerk in the India Office. Initially Keynes loved what he was doing but by 1908 he got bored and resigned from his office. He left for Cambridge to study and work on probability theory. This mathematical project was initially started out by funding meted out by Keynes’ father and the economist Arthur Pigou. In 1909 Keynes came out with his very first professional economics article which was published in the ‘Economics Journal’. It talked about the plausible effects the global economic downturn on India could have. In 1909 Keynes was invited to join Cambridge as a lecturer in economics. This was a course that was personally funded by Alfred Marshall. Keynes became richer with his growing earnings as a lecturer and also by giving private tuitions to his students. Keynes also earned as a research fellow in Cambridge. In 1911 Keynes became the editor of the ‘Economic Journal’. By 1913 Keynes came out with his first published book, ‘Indian Currency and Finance’. It was in this year that Keynes got noticed and was appointed as a member of the ‘Royal Commission on Indian Currency and Finance’.
Keynes’ expertise soon became popular making him get a call from the British Government to take up a role in the First World War. Formally Keynes had not resumed civil service in 1914 but he travelled to London on governments’ request, days before the war. Keynes played a key role in advising the Chancellor of the Exchequer (then Lloyd George) to not support the bankers’ demands of suspending specie payments by converting bank notes into gold. Keynes stated that the city’s reputation would be hurt if payments were stopped. In January 1915 Keynes was recruited as an official government position at the Treasury. Keynes designed British credit terms with its war allies and also laid down the plan of collecting scarce currencies. Keynes was greatly appreciated for his role and tremendous contributions in governmental theory formulations. According to economist Robert Lekachman Keynes' “nerve and mastery became legendary”. It was the event of King's Birthday Honours in 1917 when Keynes was made the ‘Companion of the Order of the Bath’ as his appreciation for wartime contributions. This was a turning point in Keynes’ career and future life. In 1919 Keynes moved forward by being appointed as the financial representative for the Treasury in the 19’ Versailles peace conference. Simultaneously Keynes was recruited as the Officer of the Belgian Order of Leopold.
Treaty of Versailles was significant for Keynes as he had a leading role to play in it. Keynes aimed at decreasing Germany’s war reparation as he wanted to help the nation and her people to grow. However, Keynes was excluded from the Treasury as the 1918 coupon election decided to keep out Keynes from taking part in high level talks concerning reparations. Keynes was unsuccessful in the Treaty which completely damaged his moral. Soon he resigned from the Treasury.
In June 1919 Keynes did not take the offer of a chairman of the British Bank of Northern Commerce which was a salaried job of £2000. Keynes was highly disgusted with the damaging treaty. He analysed the treaty and worked upon its damaging impacts which later appeared in his book ‘The Economic Consequences of the Peace’ published in 1919. Keynes upheld his brilliance as an Economist in the book. His book not only portrayed economic analyses but also urged readers’ compassion for Germany. Keynes wrote, “I cannot leave this subject as though its just treatment wholly depended either on our own pledges or on economic facts. The policy of reducing Germany to servitude for a generation, of degrading the lives of millions of human beings, and of depriving a whole nation of happiness should be abhorrent and detestable,--abhorrent and detestable, even if it were possible, even if it enriched ourselves, even if it did not sow the decay of the whole civilised life of Europe.” Keynes made superb predictions of future (bringing out senses of compassion from readers) “If we aim deliberately at the impoverishment of Central Europe, vengeance, I dare predict, will not limp. Nothing can then delay for very long that final war between the forces of Reaction and the despairing convulsions of Revolution, before which the horrors of the late German war will fade into nothing” All that Keynes had predicted came out real when Germany went through its hyperinflation in the Weimar Republic between 1921 and 1923 resulting in the downfall of the Republic which brought about the World War II. With his ‘The Economic Consequences of the Peace’ Keynes was looked upon as a world figure who talked about anti-establishment. His world fame made Keynes being offered a directorship of a major British Bank.
John Maynard Keynes was born on 5 June 1883 in Cambridge, England to a middle class family. Keynes was the eldest child in a family of three children born to father John Neville Keynes who was an economist and a lecturer in moral sciences at the University of Cambridge and mother Florence Ada Keynes who was a local social reformer. Keynes was given love and attention as a child by his parents.
Keynes received his primary education at home and in kindergarten. He went to St Faith's preparatory school as a day pupil from 1892-1897. Keynes was a brilliant student according to his teachers but had a careless nature and lacked determination in studies.
Keynes was to known to have several romantic and sexual relationships with men. Keynes had been in love with artist Duncan Grant, whom he met in 1908. According to other records Keynes was also involved with writer Lytton Strachey. Keynes had been open about his homosexual affairs. In the period between 1901 to1915 he maintained separate diaries in which he tabulated his many homosexual encounters. In 1921 Keynes fell in love with Lydia Lopokova, a well-known Russian ballerina, and one of the stars of Serge Diaghilev's Ballets Russes with whom he got married in 1925.