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Enumerate the life of John Maynard Keynes (Essay Sample)

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Enumerate the life of John Maynard Keynes

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John Maynard Keynes and the Keynesian School
Timeline
Keynes Pre-career years (1883-1905)
John Maynard Keynes was born in the fifth day of June in 1883 at Cambridge where his parents lived. He was born into a well-to-do academic family. His father, John Neville Keynes was an economics lecturer at Cambridge University and his mother, who later becomes a city mayor, was among the first female graduates of Cambridge. Keynes attended the Perse School Kindergarten in 1890. He later joined St. Faith preparatory school as a day-scholar where he was recognized to be quick in arithmetic and algebra in 1892. Keynes head teacher noted him as the most brilliant boy in the school. In 1897 Keynes sat for the Eton Scholarship exam, passed and was admitted to the school. While at Eton, he won several mathematical honors including the Eton’s principal mathematical prize. In October 1902, he joined King’s College at Cambridge as an undergraduate. As an undergraduate, he earned a great deal of knowledge from intellectual discourse and social activities. He was elected as the president of the University Liberal Club and earned a first class honors in mathematics from the King’s College. (Harrod, 64)
The Budding Economist (1905-1913)
In the autumn of 1905, Keynes returned to Cambridge to attend economics lectures by Marshall after reading his book; Principles of Economics. Keynes found greater contention in studying economics. In 1906, he sat for a civil service examination and was offered and accepted a position with the civil service in London, and working in the India office. While at work, he worked on his dissertation (probability) hopping to obtain fellowship at King’s College but failed. He resigned from the India office in 1908 and began working on his probability theory in Cambridge where he began lecturing in January, 1909. (Hession, 26) He was elected as a Fellow of the college on the basis of his dissertation in probability. His income peaks to 700 pounds in November 1909 and become an editor of the Economics Journal in 1911. In 1913, he published a book – ‘Indian Currency and Finance’ and was offered and accepted a seat on the Royal Commission to inquire into Indian finance and currency. (Lekachman, 54)
The World War and Aftermath (1914-1919)
World War I began in 1914. Keynes joined the Treasury in 1915 to assist Sir George Paish who was the advisor to David Lloyd George. He later joins the No. 1 Division in the treasury which deals with finance following the appointment of Reginald McKenna as the new Chancellor of the Exchequer. He later joined the ‘A’ Division in the treasury in 1917. The war ended in 1918. In a letter to the Prime Minister David Lloyd George, Keynes expressed his discontent of the war and resigned. This is noted in BBC History.
Keynes personal Wealth, Reparations, Probability and the Gold Standard (1919-1926)
Keynes rejoined the King’s College in 1919 lecturing and involved in college’s finances. He opened a trading account in which he personally speculated on the currency markets and earned large profits. He wrote The Economic Consequences of Peace where he sharply accused those allied to the punitive reparations that were imposed on Germany after the war ended. He joined the National Mutual Life Insurance Company’s Board of directors and later on become its chairman. He became a bursar at the King’s College in 1920. He returned back to speculation and increased the volume of his wealth. He published his probability dissertation with the title Treatise on Probability. In May 1921 he fell in love with Lydia Lapokova and moved to live together. He published a Track on Monetary Reform following the rise in interest rates to bring to an end the Gold Standard. He also published books on unemployment and the Laissez-Faire. Keynes married Lydia in 1925. (Keynes, 14)
General Theory of Employment, Interest and Money (1927-1939)
As Keynes developed ideas and drafted the Treatise on Money, he was made a Fellow of the British Academy. He joined the Government’s Macmillan committee of enquiry into industry and finance. He later joined the Economic Advisory Council. Keynes travelled to America in 1931 to deliver a lecture at the University of Chicago. In the same year, he attacked Ramsay McDonald’s National Government budget. Keynes advocated for government borrowing to undertake large-scale public activities that would stimulate the economy. In 1936, He published The General Theory of Employment, Interest and Money. He began developing heart problems which weakened his health. (Keynes, 211)
The War Years (1939-1945)
As the Second World War ruptured, Keynes had resumed to Cambridge. He published a book How to Pay for the War in 1940 and sharply advocated for lowering of interest rates and the use of compulsory saving to curb inflation. He earned an appointment into the treasury as a governmental economic advisor. He was elected to the Court of the Bank of England in 1941. He later got highly involved in International Monetary Fund (IMF), World Bank and Breton Woods discussions for international currency. Manchester University awarded him an Honorary Doctor of Laws and was also awarded a peerage taking him to the House of Lords in 1942. (Moggridge, 115)
After the War (1945-1946)
Keynes returned to America in 1945 to borrow a loan that would help rebuild the Britain Economy. His last visit to America highly overwhelmed him and he suffered severe heart attacks. On the twenty first of April 1946, Keynes died in his home at bed. . (Moggridge, 187)
Keynes Biography
John Maynard Keynes was born in Cambridge. His father, John Neville Keynes was an Economics lecturer at the Cambridge University and his mother was the first female to become a city mayor. Keynes went to King’s college after attending Eton, Cambridge. Keynes went to work in the India Office as a civil servant of London. He worked on his dissertation in probability with which he earned Fellowship at the King’s College. He resigned from the civil service in 1908 and returned to Cambridge to offer lectures. He joined the treasury as the First World War began. When the Versailles peace treaty was made, he published ‘The Economic Consequences of Peace’ criticizing the exploitative reparations demanded from Germany. (Hession, 234)
He amassed a fortune from the financial markets and as a bursar from King’s college. He improved the college’s financial position greatly. He became a board member of several companies and a re-known arts patron. He married Lydia Lopokova, a Russian in 1926. In 1936, Keynes published his best known work ‘The General Theory of Employment, Interest and Money.’ And ‘Treatise on Money’ in an attempt of coming up with new methods of controlling trade-cycles prompted by the war. The books enabled him to secure a position as Britain’s most influential economist. With the advent of the Second World War, Keynes worked again in the treasury and he was a made a member of the House of Lords in 1942.
Keynes during the war years Keynes played a role in successful negotiations that were to help stimulate the British economy that was heavily affected by the wars. He led the British delegation to the Breton Woods discussions at the United States in 1944. While at the Conference, He played a significant role in the planning of the International Monetary Fund (IMF) and the World Bank. He died on 21 April 1946.
John Maynard Keynes Theories
Keynes developed complex arguments bringing new economic concepts and terms which include the multipliers, the marginal efficiency of capital, consumption and savings function, I-S curve, liquidity preference among others. Keynes theory generally involves a shift from the classical economics’ major concern with the production of wealth to its consumption. Say’s Law according to Keynes is untrue. Supply can outstrip demand as opposed to Say’s Law since goods can remain unsold, production declined or employment cut back. To correct unemployment does not therefore require a reduction of wages and prices as advocated by Say’s Law but to increase consumption by increasing government expenditure. (Timlin, 84)
Keynes believed that savings and investment are independent of each other. The desire to invest, according to Keynes depends upon a constellation of factors. Keynes Liquidity Preference for inst...
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