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John M. Keynes


Introduction

John Maynard Keynes was a great economist whose ideas in economics discipline has changed the theoretical and practical situation of modern macroeconomics policies of the governments. His business cycles theory is considered to be one of the best influential macroeconomics theories in the modern world. His ideas are considered as the basis for the Keynesian economics school of thought.

About John M. Keynes

John M. Keynes was born 5th June 1883 in an upper middle class family in Cambridge, Cambridgeshire, England. He was died 21th April 1946 in Tilton, Sussex, England. He mainly works on political economy, Spending Multiplier, probability, AD- AS model, Liquidity preference, and Deficit Spending.

Contribution in the field of economics

John M. Keynes has mainly written his major work on his famous book “The General Theory of Employment Interest and Money”. Before him, classical economists have said that there is no need to government intervention in the market and they told that supply creates its own demand. But only he has able to prove that government must need to intervene in the market. He has also his great contribution on the issues of wealth, ownership and the labor, the quantity theory of money and sticky prices issues.

Publications

John M. Keynes has more than 25 great publications those have contributed to change the whole Ideas and thinking in the field of economics. Among them, Indian currency and finance, A tract on monetary reform, laissez- faire and communism,, the great slump of 1930 and the general theory of employment interest and money are very famous and most prominently used in analyzing modern macroeconomics policies.

Conclusion

In the field of economics, John M. Keynes has considered as the most recognized economists in this planet. He is only economist who had the contribution in the entire branch of economics. His works was so far the most prominent and significant work even for several decades and have changed the entire post war economic policy in the world.