Keynes - Keynes andtheKeynesians ECON205W Summer2006...

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    Keynes  and the Keynesians ECON 205W Summer 2006 Prof. Cunningham
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John Maynard Keynes  (1883-1946) Born in 1883 in Cambridge, England Son of John Neville Keynes Neville was a professor of Economics and Logic at Cambridge Univ.,  and wrote on Economic Methodology Won a scholarship to Eton Boy Genius Won prizes for his work in the classics, mathematics, history, English  essays Wrote papers on contemporary social problems, participated in crew  and debate, acted, read everything Became an expert in medieval latin poetry Part of Eton’s social elite Won a scholarship to King’s College, Cambridge
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Keynes at College President of the Student Union President of the University Liberal Club Rowed, studied philosophy, played bridge, visited art  galleries, collected rare books, went to the theatre Became a member of the “Apostles”, a secret and  highly exclusive Cambridge intellectual society Became a member of the literary set called “the  Bloomsbury Group.”
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Keynes After College Studied economics for perhaps 1 year, but did poorly on  his exams. Took a civil service exam and took a job at the India  Office for 2 years. 1908, his father managed to get him a job as a lecturer at  King’s College. Later he became a Fellow. 1911, he became editor of the  Economic Journal . Worked at the Treasury during WWI. 1921, he published  A Treatise on Probability.  This was  his dissertation. It won him a fellowship at King’s College,  Cambridge. Marries Lydia Lopokova.
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Keynes, Inter-war Years Keynes wrote the  Economic Consequences of the Peace  (1919),  regarding reparation payments Best Seller Made him a public celebrity 1923,  Tract on Monetary Reform  (against returning to the pre- war gold standard) Economic Consequences of Mr Churchill  (1925, warned of  depression) 1930,  Treatise On Money Makes millions in the stock market, commodity, and forex  markets. 1936,  General Theory of Employment, Interest and Money 1937, he has a serious heart attack
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Tract Relates money supply variability and  uncertainty to inflation and deflation. Variability of prices is a major cause of business  cycles. Wages and other costs of production adjust  more slowly than prices. Therefore price variability affects profits and  therefore investment. Investment cycles cause business cycles.
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This note was uploaded on 11/02/2011 for the course ECON 7125 taught by Professor Smith during the Spring '11 term at James Madison University.

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Keynes - Keynes andtheKeynesians ECON205W Summer2006...

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