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单词 john maynard keynes
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John Maynard Keynes


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Noun1.John Maynard Keynes - English economist who advocated the use of government monetary and fiscal policy to maintain full employment without inflation (1883-1946)KeynesBloomsbury Group - an inner circle of writers and artists and philosophers who lived in or around Bloomsbury early in the 20th century and were noted for their unconventional lifestyles

John Maynard Keynes


Keynes, John Maynard

 

Born June 5, 1883, in Cambridge; died Apr. 21, 1946, at his estate of Tilton, Sussex. English economist, government figure, founder of Keynesianism, one of the trends in modern bourgeois economic thought.

Keynes received his education in economics and mathematics at Eton and Cambridge (1902–06). Between 1908 and 1915 he was a lecturer at Cambridge University, becoming a professor there in 1920. From 1912 to 1946 he was the editor of Economic Journal. His first book, Indian Currency and Finance, appeared in 1913. From 1915 to 1919 he was an official in the British Exchequer, and in 1919 he was chief representative of the Exchequer at the Paris Peace Conference. In the work The Economic Consequences of the Peace (1919; Russian translation, 1922), which brought him worldwide fame, he advanced a critique of the economic policy of the victorious countries, which intensified the postwar economic disorganization and laid the groundwork for a new war in Europe. According to Lenin, Keynes in his book “has reached the conclusion that after the Peace of Versailles Europe and the whole world are heading for bankruptcy” (Poln. sobr. soch., 5th ed., vol. 41, p. 219). Keynes saw the stabilization of capitalist economies as the key to the preservation of capitalism in postwar Europe. In subsequent years he wrote numerous works on this problem, including A Revision of the Treaty (1922), Tract on Monetary Reform (1923), and Treatise on Money (1930).

In 1941, Keynes became a director of the Bank of England; he was instrumental in developing and implementing the economic and particularly the financial policy of British imperialism. In his fundamental work, The General Theory of Employment, Interest, and Money (1936; Russian translation, 1948), he formulated the principles of the economic policy of the bourgeois state; these principles were directed toward strengthening the prevailing economic and political positions of monopolistic capital.

REFERENCES

Al’ter, L. B. Burzhuanznaia politicheskaia ekonomiia SShA. Moscow, 1971. Chapters 13–15.
Bregel’, E. la. Kritika burzhuaznykh uchenii ob ekonomicheskoi sisteme sovremennogo kapitalizma. Moscow, 1972. Chapter 4.
Seligman, B. Osnovnye techeniia sovremennoi ekonomicheskoi mysli. Moscow, 1968. (Translated from English.) Pages 493–506.
Hansen, A. H. A Guide to Keynes. New York, 1953.
Harrod, R. F. The Life of John Maynard Keynes. London, 1951.
Stewart, M. Keynes and After. [Harmondsworth, 1967.]

V. S. AFANAS'EV

John Maynard Keynes


John Maynard Keynes

A major British economist. He provided much of the intellectual foundation for the theory that government intervention is necessary to ensure an active and vibrant economy. According to this theory, government should stimulate demand for goods and services in order to encourage economic growth. It thus recommends tax cuts and increased government spending during recessions to reinvigorate growth; likewise, it recommends tax increases and spending cuts during economic expansion in order to combat inflation. His thought was extremely popular for much of the 20th century prior to the 1970s, when stagflation (which under Keynesian theory should not be possible) was prevalent in the UK and the US. However, Keynesianism resurged at the end of the first decade of the 2000s. Keynes lived from 1883 to 1946.
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John Maynard Keynes


Related to John Maynard Keynes: Milton Friedman
  • noun

Synonyms for John Maynard Keynes

noun English economist who advocated the use of government monetary and fiscal policy to maintain full employment without inflation (1883-1946)

Synonyms

  • Keynes

Related Words

  • Bloomsbury Group
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