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John Maynard Keynes
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John Maynard Keynes (1883-1946) was a student of Alfred Marshall at Cambridge University and later served as a Cambridge don himself. He was intimately involved in public policy in Britain, serving in various capacities within the Civil Service, including a position in the Treasury (1915-1919). Even when Keynes returned to academia as a professor, he continued to combine the "life of the mind" with an active role in public policy debates, consulting for the British government, and writing popular pieces for the British press. Indeed, Keynes was one of the key figures involved in the Bretton Woods Conference (1944 in New Hampshire) where influential political and intellectual figures from both sides of the Atlantic came together to rethink international monetary and, more generally, economic policies. The International Monetary Fund and the Bank for Reconstruction and Development were among the institutions to arise out of the rethinking that took place at Bretton Woods.
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John Maynard Keynes was a product of the late Victorian and Edwardian eras, a period when stability, prosperity, and peace were assumed and when Britain ruled the world economy. Keynes never lost the self-confidence, self-assurance, and indeed the optimism of that time. But his intellectual career, and his profound impact, arose from his efforts to make sense of the disruptions and crises that began with the first world war and continued through the Great Depression.
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John Maynard Keynes grew up in Victorian England, the son of middle-class parents who cultivated in him a sense of public duty and a passion for intellectual stimulation. Known as the father of modern economics, Keynes was educated at Cambridge University where he formed a life-long friendship with Bloomsbury writer Lytton Strachey. Keynes gained international fame for his economic theories, evidences in his 1919 best selling work, The Economic Consequences of the Peace which argued for Europe's economic unity. Keynes's theories were the first to encourage the government's involvment in solving the problems of unemployment and were used as the bases of President Roosevelt's New Deal programs, designed in response to the Great Depression.
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Doing good and being good: The conflicting ideals of Bernard Shaw and John Maynard Keynes, by Robert Skidelsky in The Times Literary Supplement, 26th. March, 1999, pages 12-14. The article is an edited version of the annual Bernard Shaw Lecture given by Robert Skidelsky at the University of Hertfordshire in February, 1999. "Shaw was much older than Keynes. He was born in 1856, Keynes in 1883. He was a Victorian, Keynes an Edwardian.
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Born at 6 Harvey Road, Cambridge, John Maynard Keynes was the son of John Neville Keynes, an economics lecturer at Cambridge University, and Florence Ada Brown, a successful author and a social reformist. His younger brother Geoffrey Keynes (1887-1982) was a surgeon and bibliophile and his younger sister Margaret (1890-1974), married the Nobel-prize winning physiologist Archibald Hill.
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In 1930, John Maynard Keynes brought out his heavy, two-volume Treatise on Money, which effectively set out his Wicksellian theory of the credit cycle. In it, the rudiments of a liquidity preference theory of interest are laid out and Keynes believed it would be his magnum opus. His bubble was soon pricked. Friedrich von Hayek reviewed the Treatise so harshly that Keynes decided to set Piero Sraffa to review (and condemn no less harshly) Hayek's own competing work. The Keynes-Hayek conflict was but one battle in the Cambridge-L.S.E. war.
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John Maynard Keynes