Posted on Jul 7, 2021
Economist John Maynard Keynes - Biography, Theories and Books
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On July 7, 1942, John Maynard Keynes took his seat in the British House Of Lords as Baron Keynes of Tilton after having been knighted. An excerpt from the article:
"John Maynard Keynes returned to Cambridge as an instructor in 1919. During his time there he was introduced to the Bloomsbury group, an exclusive entity comprising of elite scholars, writers, artists, and other intellectuals. His induction in to the group helped him become a prolific writer and speaker. During the years of the Great Depression, Keynes published some of his best works which shed light on the Britain’s economic despairs. His book ‘The General Theory of Unemployment, Interest, and Money’ discarded the notion that the prevalent unemployment featuring Britain during the Depression would be rectified via free market forces. Keynes argued that employment arises due to demand for goods and services, and if it is to be increased then the government should escalate aggregate demand within the economy by increasing its own levels of spending. Such measures were necessary to surge economic activity or high unemployment would persist.
Keynes advocacy of the government’s crucial interventionist role in protecting and regulating economies by tweaking fiscal and monetary components was revolutionary. “Keynesian economics” as it became known, began to be employed by a number of Western states after its advent. Keynes groundbreaking work brought him enhanced status, exemplified by his appointment by the British Government to serve as an advisor during negotiations with other nations to reestablish economic order after the Second World War. He led a number of delegations and played a vital in the planning process of the creation of the World Bank and the International Monetary Fund. Keynes was given the title of a Lord in 1942, and he passed away in 1946. Economists today continue to utilize Keynes work, especially The General Theory, which provided a sound foundation for such scholars to build on and construct their own theories."
"John Maynard Keynes returned to Cambridge as an instructor in 1919. During his time there he was introduced to the Bloomsbury group, an exclusive entity comprising of elite scholars, writers, artists, and other intellectuals. His induction in to the group helped him become a prolific writer and speaker. During the years of the Great Depression, Keynes published some of his best works which shed light on the Britain’s economic despairs. His book ‘The General Theory of Unemployment, Interest, and Money’ discarded the notion that the prevalent unemployment featuring Britain during the Depression would be rectified via free market forces. Keynes argued that employment arises due to demand for goods and services, and if it is to be increased then the government should escalate aggregate demand within the economy by increasing its own levels of spending. Such measures were necessary to surge economic activity or high unemployment would persist.
Keynes advocacy of the government’s crucial interventionist role in protecting and regulating economies by tweaking fiscal and monetary components was revolutionary. “Keynesian economics” as it became known, began to be employed by a number of Western states after its advent. Keynes groundbreaking work brought him enhanced status, exemplified by his appointment by the British Government to serve as an advisor during negotiations with other nations to reestablish economic order after the Second World War. He led a number of delegations and played a vital in the planning process of the creation of the World Bank and the International Monetary Fund. Keynes was given the title of a Lord in 1942, and he passed away in 1946. Economists today continue to utilize Keynes work, especially The General Theory, which provided a sound foundation for such scholars to build on and construct their own theories."
Economist John Maynard Keynes - Biography, Theories and Books
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Posted >1 y ago
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“In the long run we are all dead” -- true enough an economic viewpoint, but necessarily "short-sighted". It leaves to the future generation the burden (or the renunciation) of the debt.
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Keynesian economics advocated federal spending to mitigate downturns in business cycles. Government spending stimulates demand, and thus production, which will increase employment. Government spending and deficits were never supposed to be a long-term solution, only a measure to rectify the effects of laissez faire economics. Spending on infrastructure is one of the best example of spending that stimulates the economy and puts people to work. If you think about it, government has not actually stimulated the economy since Eisenhower's National Interstate Highway project. The government is handing out money in the form of "stimulus" checks without building things in return. Recent weather events and cyber attacks have shown that our national infrastructure is compromised. The Democrats, unfortunately, have lost site of what is actual stimulus and what is actual infrastructure. If you spend with nothing to show for it, you have wasted money. CW3 Harvey K. LTC John Shaw
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Great theory, let's see how all this debt continues to pile up. https://www.visualcapitalist.com/government-debt-in-2021/
Visualizing the Snowball of Government Debt
After an unprecedented borrowing spree in response to COVID-19, what does government debt look like around the world?
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His writings heavily influenced leaders in our country and their response to the Great Depression. Massive government spending was credited with pulling us out of tha misery. But largely overlooked was the affect of the Second World War. The general mobilization for the war put every one who could stand and walk into a job meeting the demands of our Armed Forces. In my opinion, government spending simply to spread money around wouldn’t have ended the Depression. Massive spending was required to meet the demands of our Armed Forces for weapons, ammunition, vehicles, fuel, military clothing and aircraft to deliver munitions on targets and keep our forces supplied for the duration of the war. It was that spending that ended the Depression.
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