John Maynard Keynes

Introduction:

John Maynard Keynes, a British economist, is widely known as the founder of modern macroeconomics. His ideas on the causes of business cycles have become the foundation of what is now known as Keynesian economics. Over the years, his work and theories have had a significant and lasting impact on the world. In fact, he was recognized by Time Magazine as one of the most important and influential people of the 20th century.

Basic information and Background:

John Maynard Keynes was born on June 5, 1883, in Cambridge, England, to a family of academics. His father, John Neville Keynes, was an economist and a lecturer at Cambridge University, while his mother, Florence Ada Keynes, was the first female mayor of Cambridge. Keynes grew up in a family that valued education and intellectual pursuits.

Keynes attended King's College, Cambridge, where he studied mathematics and economics. He graduated in 1905 and was awarded a fellowship in the college. He also began working on his first book, Indian Currency and Finance, which was published in 1913.

Career and Important Events in Life:

Keynes worked as a civil servant for the British government, first as the clerk for the India Office in London, and later as an advisor to the Treasury. During World War I, he was responsible for managing the government's finances, which gave him significant experience in macroeconomic policymaking.

In 1919, Keynes attended the Versailles Peace Conference as a representative of the British Treasury. He was shocked by what he saw there and wrote a book, The Economic Consequences of the Peace, in which he famously criticized the Treaty of Versailles. This book established Keynes as a leading economic thinker and made him a household name.

Personality and Motivation:

Keynes was a complex personality, with many sides to him. He was confident and brilliant, but also somewhat flamboyant and erratic. He had a strong sense of humor and was known for his love of parties and social events. Nevertheless, he was also deeply committed to social justice and fairness, and his economic theories were informed by these values.

Before becoming famous:

Despite his privileged upbringing, Keynes faced many difficulties and setbacks in his early life. He suffered from a stammer and struggled with his confidence. However, he persevered and developed his intellectual abilities, eventually becoming one of the most prominent economists of his time.

Family life:

In 1925, Keynes married Russian ballet dancer Lydia Lopokova, whom he had met at a party. The couple had no children, but they had a happy and loving marriage until Keynes' death in 1946. Keynes was also devoted to his family and was close to his siblings and his mother.

Linked to other people in the industry:

Keynes was a friend and colleague of many prominent intellectuals of his time, including Virginia Woolf and E.M. Forster. He was also a rival of Friedrich Hayek, whose ideas he sharply criticized. Nevertheless, Keynes' work has had a lasting impact on economics and remains influential to this day.