Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles , and was one of the most influential economists of the 20th century. During the Great Depression of the s, Keynes spearheaded a revolution in economic thinking , challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He argued that aggregate demand total spending in the economy determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment. Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions. In the mid to lates, leading Western economies adopted Keynes's policy recommendations. Almost all capitalist governments had done so by the end of the two decades following Keynes's death in
John Maynard Keynes
Seven things you may not know about John Maynard Keynes | Books | The Guardian
Historian and author Niall Ferguson has apologised "unreservedly" for "stupid and tactless" remarks in which he implied that John Maynard Keynes did not care about future generations — because he was childless and gay. Ferguson, a professor at Harvard, was speaking at the Altegris conference in California, which attracts an audience of investors and financial analysts, when he was asked questions about the influential British economist. The apology came after reports emerged from bloggers and financial reporters at the conference that Ferguson claimed Keynes's economic philosophy was influenced by his homosexuality. Lance Roberts, a reporter for the website StreetTalk Live, posted a transcript of notes taken from Ferguson's speech and a question-and-answer session afterwards. Roberts said Ferguson appeared to allude to a theory that Keynes's long-term economic theories were flawed because he was gay and had no children. We are not dead in the long run … our children are our progeny. It is the economic ideals of Keynes that have gotten us into the problems of today," Roberts wrote in his notes of Ferguson's remarks.
Seven things you may not know about John Maynard Keynes
Putting "sex lives of politicians" into Google yields 6, hits. The Roman emperors score 3, For great artists, it's a respectable, if that's the word, 2, hits. But "sex lives of economists"? Perhaps that's to be expected for what Thomas Carlyle described as the "dismal science".
By Daily Mail Reporter. A Harvard professor took to the podium at a finance conference Friday and called major influencer of modern economics John Maynard Keynes wrong about his philosophies because he was gay and childless. During a question and answer session in Carlsbad, California, well-known historian Niall Ferguson was asked how he felt about the theories of English economist John Maynard Keynes versus those of Edmund Burke. What the prominent Obama critic said in response hushed the crowd of over