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"Ideas shape the course of history." John Maynard Keynes
Main Points:
Summary:
Keynes' mod important work, "The General Theory of Employment, Interest and Money", was published in 1936. The central argument of The General Theory is that the level of employment is determined, not by the price of labour, but by spending of money. Advocated a remedy for economics recession based on a governmet-sponsored policy of full employment. It also secured his position as Britain's most influential economist, and with the advent of World War Two, he again worked for the treasury. In 1942, he was made a member of the house of lords.
- John Maynard Keynes was a British economist whose ideas, known as Keynesian economics, had a major impact on modern economic and political theory and on many governments' fiscal policies.
- Keynes is widely held to be the most influential economist of the Twentieth Century, and his theories are still given great consideration. •British economist
•Governments should spend their way out of Depression
•Borrow money to be repaid after economy recovers
•Deficit financing
•Projects should be of value to the country
•Went against Adam Smith’s theories
•USA, Japan and Hitler’s Germany all use this with success.
Summary:
Keynes' mod important work, "The General Theory of Employment, Interest and Money", was published in 1936. The central argument of The General Theory is that the level of employment is determined, not by the price of labour, but by spending of money. Advocated a remedy for economics recession based on a governmet-sponsored policy of full employment. It also secured his position as Britain's most influential economist, and with the advent of World War Two, he again worked for the treasury. In 1942, he was made a member of the house of lords.