John Maynard Keynes

[UnitedPebbles]

Sorry I forgot it was wartime in his period. The government was grandiose because of their military spending. He didn't have much choice but to increase tax. Devaluation of sterling is to reduce productivity cost for the war's efforts.

[jessemaurais]

Economics is one among a few subjects that even non-academics and the financially illiterate think they can have authoritative opinion about.

[VonManavis]

Can someone with all good will and honesty give me a good reason why you are bashing this man so much?

[MSSC73]

where are the pics of him with "bed and boy"? Oh those are in the super secret pedo- file!

[steelersfanhawaii]

Adam Smith & Milton Freedman - best economists ever. Now we need a flat federal tax rate, and cut out the tax bracket bullshit. If I make 1 million dollars a year and you make 1 hundred thousand dollars a year, then I pay 10 times as much tax as you. That is progressive enough. You making 1 hunded thousand dollars a year would pay ten times as much tax as some one making ten thousand dollars a year. Again tell congress to knock off the multitier bracket bullshit.

[omunhvilag]

I am looking for live footage, a clip even, of John Maynard Keynes. A radio talk or interview? Do they exist? Some one then should put them on YouTube.

[VeryGreatMan]

The Failure of the New Economics, by Henry Hazlitt.

This is all that must be said.

[serzande]

John Maynard Keynes VS Karl Marx

[webyeller]

the fact that our economic system The starvation, corruption,disparity et al, is based in whole or part on this sociopaths ideas must give sexual predators and terrorists hope for redemption

[goldstead]

This guy is so far out in his economics understanding and history of finance / banking. He is a brainwashed product of the education system. John Maynard Keynes was eliminated (recorded as heart failure) only 4 months into his job as Governor of IMF and IBRD for going against the ruling banking elite - that still control the world.

[interpolagent]

@Truthpolice9698 and others: Figure out why (neo)keynesianism worked for Brazilian economy during the 2008/09 international crisis, smart asses...

There are clear inconsistences in your thoughts...

[chucksheen]

No fiat is immune to the printing press!

Keynes is SLAVERY!

Ludwig Von Mises is FREEDOM!

[Mockni]

Once again keynes saved us. :)

[TheHardMoneyMan]

Keynes was either incredibly stupid or incredibly evil.

Long live liberty and freedom.

[Truthpolice9698]

17.2% unemployment rate is NOT creating jobs. FDR was in office 11 years. Hoover 4 years. And Hoover did the same thing as FDR. Raise taxes and increase federal spending.

Just because you print money and give people temporary jobs in the overall picture doesn't mean you are creating jobs. If it cost 2.5 jobs to create one job are you creating jobs?

FDR was a horrible president and Keynes was a horrible economics.

[jazzgtrplayer]

@Truthpolice9698 revisionist history

[Truthpolice9698]

@jazzgtrplayer Hoover raised taxes to 63% and FDR to 79%. Both deficit spent. Both horrible presidents. Hoover passed Smoot-Hawley. Roosevelt was a little better on trade but not much. The average unemployment rate for FDR was 17.2%.

[Truthpolice9698]

Keynes was a elitist who thought he was smarter than everyone else like almost all liberals. His economic policies of the 1930's prolonged the Great Depression. Pretty much what Obama is doing today.

The average unemployment for FDR was 17.2% and FDR was the longest serving president, 11 years. WWII cost America 400,000 lives and money was worthless for the Americans suffering under FDR's fascist policies.

Keynes while brilliant was a horrible economist.

Charles Manson was brilliant also.

[KommisarKowl]

Wow, there are multiple problems with this post. The reason Unemployment was high for FDR was because of the GD. FDR actually created jobs through programs like the CCC, and the NRA, as well as the TVA. The New Deal saw an increase in GDP until WWII which ended the GD.

Keynesian Economics saved America.

Gb2 US History.

[robbelt]

great response.

[1peter18]

I have got a question:

What is the title of this great music in the background?

[mcprop]

I believe it is a piece by Otmar Liebert

[christo930]

This man has been responsible for more suffering in human history without a weapon than probably anyone else.

[THAWK3]

100% correct.Too bad me and you are the only ones here that understand it.

[Truthpolice9698]

I would suggest reading Milton Friedman:

A Theory of the Consumption Function

Capitalism and Freedom

Free to Choose

Free to Choose is written on a layman's level and is easy to read. Anyone can understand the book and it is one of the all time great works relating to freedom and prosperity.

Good luck.

[losheva]

FREEDOM AND PROSPERITY FOR WHO? THE COUNTRY THAT WITH WAR OR POWER POLICY CAN EXPLOIT OTHER COUNTRIES ? FREEDOM You MUST BE RIGHT BUT FOR EVERYONE AND NOT JUST FOR SOME, I WOULD SUGGEST READING "THE CAPITAL" OF THE MARX K. (Marxism ISN'T SAME Communism) GREAT WORK OF EQUAL HUMAN THAT EXPLAINS HOW underdevelopment of same areas is FUNCTIONAL to DEVELOPMENT of other areas ... THE FREEDOM AND EQUALITY SHOULD BE FOR ALL AND NOT JUST FOR SOME on THE BLOOD OF OTHERS ...

[losheva]

if read marx's capital will be able to understand much about the crisis of today, due to capitalism (financial) wild, wild capitalism is not the way, is the destruction of everything ..

[JuanVoyce]

What irony that the author of Capitalism and Freedom's most notable free-market experiment was imposed by A. Pinochet's junta.

[t0b1]

one of the worst videos i've ever seen on youtube ...

[doognadoshi]

hahah fail statement

[HammerofHeretics]

Milton Friedman was very respectful of Keynes even though he believed his theories failed. In fact, Friedman indicated that Keynes was questioning the efficacy of his own theories in writings he did right before his death .

[ftcatlantic]

5 *****

[Truthpolice9698]

John Maynard Keynes is the second most destructive economics in the history of the world.  Only Carl Marx surpasses him.

His theories are total bull shit. No one follows his bull shit theories ecept power hungry politicians.

[losheva]

market machanism failed everytime and we can see it, so do u think neo classic theories are the right way (like a.smith or vera lutz for the worker market,etc etc etc )? well those didn't explaine the factor number one of economy , THE UMAN FACTOR, the hungry of money ...for this mechanism of market failed, and marx and keynes maked total different theories, first said capitalism is the wrong way, the second said market mechanism of capitalism don't work good for this authority must help this

[Truthpolice9698]

Adam Smith got it right in 1776 with his book Wealth of Nations.

Marx and Keynes are similar in that they thing government knows what is best for the peasants.

Both look down on the masses as stupid ignorant fools who don't know what is best for them and must be saved by government.

They just go about it differently. One thuggish brutishly and the second as a manipulative bastard.

Both suck.

Freedom and liberty is what mankind wants in markets. Freedom and liberty for all.

[losheva]

and u know what is the best for u? i bet ur answer is MONEY...remember without to go so much back in time, public intervention of monetary expansion in 2001 made it possible to overcome the recession after attack on twin towers the manipulators are bastards who think they can make their interests in the free market and the results we see today with an unprecedented crisis due to the fact that the government has not intervened to regulate the activities of financial institutions, including banks

[losheva]

the macro-economy is not a perfect science, it is influence by man and his thirst for power and money that led him to do everything, so do not say crap, keynes has laid the foundations for models IS-LM and AD-AS succeeding to summarize all the markets, the goods, financial and work and his theories do not center anything with those of marx, keynes was not Communist but interventionist 2 very different things ...

[losheva]

marx but also had great insights, especially when it stated that the development of some areas was due to the exploitation of other areas, U.S. and Uk, knows this well, but now that those who exploit (china, india, etc) for the manufacturing has more U.S. dollars in their banks that the federal reserve, what happens? now that U.S. Republican policies exported throughout the manufacturing in China and the U.S. financial economy has collapsed what happen? who exploit?

[losheva]

thought to have found the magic formula for turning lead into gold, but no, thought that to export manufacturing where labor is cheaper and developing the services sector you could only enrich what we call finance but in reality it is stealing, then without thinking that the service sector increases the cost of living in urban areas and creates speculative bubbles on construction , the market first and you always said but now you have taken in the ass ...

[losheva]

now u pray that obama agrees able to rebuild a manifacuring tissue ( real economy) otherwise what for you has been stay the most important thing THE CAPITAL , helps chineses or indians etc to buy your land ( already they buy lands in africa and south america with ur dollars) and the freedom that u say will to be a memory and you'll haven't even land on which to walk...good luck!!!

[Truthpolice9698]

I am sorry you are so naive when it comes to economics. I cannot help you.

Milton Friedman pretty much destroyed Keynes theories in the 50's.

I am not saying Keynes didn't make contributions but his major theories as well as Marx are all bull shit.

Adam Smith and Friedman "Monetary Theory" pretty much nail economic rational thought.

Obama is following the path of dictators. His actions are about power not economics.

If you like Hitler you like Obama.

[losheva]

perhaps you are naive to think that the economy is a perfect science and I repeat you, Could you if you study the models that is-lm for the short term and ad-as for the medium term are based on theories of keynes but not made by keynes

[losheva]

and if you want to know the theories of friedman are destroyed in the everyday life, the world crisis of today date from the free market without rules and the different markets that do not work in perfect competition but in oligopolies if not monopolies because there is no adequate regulation, the case microsoft tells you something? your reasoning in a neo classical authorities should not exist to protect competition

[losheva]

i wanna say free and wild financial market

[losheva]

well you are like Bill Gates, you are not interested in the free market you are interested to make as much money as possible

[Truthpolice9698]

Money has very little to do with economics other than it needs to be valued and stable form of exchange.

The basic ideas of economics is free people exchanging goods, labor and services in a free market getting the price they can with little or no government interference.

When there is economic freedom, capitalism, people live better and prosper.

When government tries to allocate resources poverty and corruption increase.

When people can feed themselves they don't need government.

[losheva]

the free market is a utopia as communism, no company's interest to have perfect competition and tends to create barriers and cartels and oligopolies to set the price at their convenience and will not be price taker, it is the task of avoiding this ... God save us from thinking neo classical

[losheva]

the solution is to have political intervention bottom-up and not top-down, to haven't corruption and less waste of public expenditure and not the free market that fails every day

[losheva]

but if the resources are povery how it can be sufficient for all? how ppl can feed themselves with gun and sword to have this resources???or pay more???

[losheva]

and then a. smith should be removed from the books of economics, said that the supply was to determine the demand and not demand to determine the supply, the free market does not mean freedom, it means that anyone who is rich is always rich and who is poor is increasingly poor

[spankymcfarland111]

Remember this We are NOT a democracy - we ARE a democratic republic.

50 States held together with a common goal

We dont need to agree but we should all support each other we are in this together

Stop Hating and blaming

Do something be creative make some money help your fellow man support your family and try to be kinder

Its good for everyone

Good luck to us all right now were going to need it more than you realize

[spankymcfarland111]

Who should I trust?

Keynes?

Friedman?

No maybe I should listen to a bunch of no-nothing haters on you tube?

Read a book and stop listening to Fox

Be inclusionary and not self riotous

Try to realize that we all are Americans and we are in this together. You will never convince or convert the opposition by hatred and anger... it only empowers them.

Socialism is not Communism

Conservatism is not Fascism

Except when you add hate to the mix

[FrightfulAccountant]

Biggest man economics ever has known.

[Questfortruth86]

Biggest nightmare economics has ever seen

[FrightfulAccountant]

without Keynes, we would be doomed to overdo the recession of the 30ies.

Liberalism has quite messed up our economies...

[AFRIKTODAY]

Stupid! Liberalism brought about the modern world we so much enjoy and the internet you are freely roaming. Now, socialism and government oppression, supported by the crook enomics of Keynes school of thought are coming back with their failed policies to complete their missions. You better wake up. No government has ever saved a Nation, Individual save a Nation. Better watch out before you regret.

[FrightfulAccountant]

1. Keynes wasn't a socialist. Defently not in the 'marxistophobe' meaning american mainstream reporting gives to socialism.

2. Social-Democrats atleast care about people.

I ain't a communist, I dislike SU and I consider Lenin to be the greatest liar in History.

BUT as a student economics, I am getting to doubt about capitalism. Everyday more and more. Just look around and see what 'the Corporate World' has done to people.

We are wealthy yes.

And we also have one of the bigges suicide rates...

[AFRIKTODAY]

Biggest CON man economics has ever known. Closet fascist and pro government elitist. 100% responsible, on an ideological standpoint of what is going on today. Glad I trashed my degree in economics and bought a bunch of Mises Books. Changed my life.

[doognadoshi]

here here!

[HalloweenCake90210]

his great great nephew is Skandar Keynes!!!

[logwhitley]

is Milton Keynes any relation

[Carfer22]

If milton keynes is a relation what do the numerous roundabouts represent?

[MANofINACTION]

Keynes was so full of shit that the graveyard where he was burried could feed entire europe with it's high fertility crop output.

[tudormocanu87]

keynes saved capitalism from socialism, it's good that people don't see that, cause we wouldn't want it to happen again :))

[FreakishDonQuixote]

actually, that's the only thing I hate about him

[TomaszJefferson]

Keynesism = Socialism

[logwhitley]

? lol

[Carfer22]

Yes, but a tragic death all the same. Especially so given proclamation!

[Dramactica]

@TomaszJefferson

what a typical idiot.

[kkmarivate]

@TomaszJefferson on the contrary keynes was an old-school liberal who despised socialism. blaming keynesianism for the failures of socialist governments is as stupid as blaming jesus for the crusades.

[infinummjb]

@kkmarivate It doesn't matter how he perceived himself. All it matters is what his teaching had led to and they lead straight to socialism.

And yes, jesus is somewhat responsible for the crusaders - if you talk nonsense, stupid people listen and do nonsensical things.

[trekkerperson]

@kkmarivate

He was not a classical liberal. They are laissez faire liberals. Remember his book is end of laissez faire. That was the end of economic liberalism. He may not be socialist either, but he is modern liberal who had a great deal of collectivist sympathies (Germany and Russia). Read the forward in the German edition of "General Theory" where he says his theory is better suited for a totalitarian state than free market. He is not old school, he is the wave of new/current liberalism.

[UnitedPebbles]

@trekkerperson

Really? if he is laissez faire supporter, he may have offend the House of Lords. Did he or did he not wanted to d evaluate the sterling and wanted the BoE to buy less gold? If he did then clearly the man wanted the BoE to lend out less...at the dismal of the economy at that time, didn't he criticized the government not to over spend the money they don't have? He clearly wanted to do things with the economy, and thus meddling into the private affairs while being officious.

[grizlero]

@kkmarivate you are wrong. Blaming Keynes is stupid, but not at all keynsianism. Keynes himself would despit keynsianism along with socialism of the post-war era

[Jagguar20]

I love the music. (It's Johann Sebastian Bach's Air but played on guitar!)

[jipemaster]

All this monetarist and Keynesian bullshit has dominated for too long, it's time we go back to sound economics.

[Carfer22]

sound economics? Well, you first!!!

[lelvish1]

Keynes was a member of the Liberal party. Its such a shame they never got to put his policies into practice, but Liberal policy was stolen by the Labour and Conservative governments..

[joselinbogarra]

The biggest economist of the history!!

[SpikeD1]

Quite a bold statement, but not a dumb one. Certainly he is up there with Adam Smith.

[hugolp]

You two stop the bullshit. Keynes is just convinient for politicians, nothing else.

[doognadoshi]

How can you say he is in par with Adam Smith they are completely different in every way.

[pilkingtonphil]

Oh yeah, and as far as profits and wage-growth in the West were concerned it was in a period of Keynesian policies that the economic "Golden Age" occured.

Ever since then its been declining profits and supressed wage growth. As far as economic growth is concerned I think its all relative to how you decide to measure it...

[pilkingtonphil]

With the occasional crippling financial crisis, of course, which now threatens us with an extremely bad economic crisis.

Not to mention the fact that the right-wingers used demand stimulation policies as early as the Reagan-Thatcher era - they simply pumped the money in at the top-end rather than the bottom...

[mofi500]

Great time to be saying that.

[MegaBrits]

This man saved Britain from Bankruptcy you idiots.

[metal87power]

Keynes=Marx!

[castroherman]

Nah, Keynes seems like he would have been cool to hang out with over a glass of champaign, Marx was brilliant but a social prick. Having a beer with Marx would have been traumatizing.

[SpikeD1]

Keynes saved captalism from Marx.

[nicobolso]

and Smith

[mikeyooh7]

hahahhahahahahahhahahaha hahahahhahaha

Keynes wanted his theories to be used in the soviet union and Fascist Germany because he said totalitarianism would be much more receptive to his policies. Hayek of the London School saved Western Europe from Marxism. Keynes wanted a global British empire and his polices were created for a global British empire.

[SpikeD1]

Source?

[edingsteve1]

Nonsenses! John expended socialism to these days! Hopefully people are waking up to get rid of his long lasting cancer.

[mofi500]

Keynes' problem was that he was far too clever for most other people around him; particularly the British Labour government of the post-war years. Some of the posts on here make me LOL though, presumably posted by university freshers being taught by right-wing American economics lecturers? Since Keynesians were relegated to the margins notice how levels of inequality have exploded.

[b0leiro]

long

[b0leiro]

lon*

[b0leiro]

"In the lung run we are all dead" :)

[tuckgeo]

this man talks theoratical bullshit that makes economics more boring than it should. i dont use the word hate very much, but i would use it in regards to this prick, i hate him. well dun to robb3hg and ladybayred for being excellent judges of character. loser

[ladybayred]

This man is a cunt. His outdated shitty views make learning economics extra homosexual. He in my opinion talked and wrote more shit then in the whole of the Muslim holy book.

fucking tosser.

[3rdWorldCrusader]

True.

[robb3hg]

the only good thing about this video is that i get to post a comment calling the man a twat. dont care about his personal life all i care about is how hes ruined mine.

[mofi500]

Umm, yeah of course Keynes really was an anti-semite wasn't he? What a load of crap, usually started by right-wing neo-con supporting Americans that relentlessly bow to Friedman/Hayek. Keynes was a British liberal who had very strong views on the redistribution of wealth. Some people dislike these hence the smearing.

[doognadoshi]

Omg please don't put neo-con and Hayak in the same sentence. It only outlines your ignorance.

[BigDeanoSyd]

Neo-liberal is probably a better fit! ...similar radical free-market positions

[dozaim]

63 senelik hayatına ne çok teori sıkıştırmışsın be adam... 6 senedir ismini duymaktan bıkkınlık geldi...

Sen rahat uyu, biz teorilerinle ilgileniyoruz.

[Terilien]

Keynes never actually advocated deficit spending! this is slanderous nonsense! It was that idiot Abba Lerner's idea!

[calvinjones]

Are you making things up...i`m pretty sure that defecit spending was a big part of his thinking on getting out of a depression.

[Terilien]

He was very much for a decent budget. He never advocated massive deficits. He did however advocate the Keynesian monetary policy and the like. not to mention "priming the pump" by using the government surplus, but he wasn't the crazy left wing spending machine that alot of his disciples were.

[NetzKaiser]

I like this song. How is it called?

[nestorius333]

its called "Air on G string" by Bach.

[benedictive]

Thank you Keynes,

For the $9,206,950,449,674 in debt that your wonderful system of "economics" has bestowed upon us. That is $30,265.32 per citizen.

PS: Go fuck yourself

[Slimdawgc]

Keynes was an effin' anti-semitic pig. I agree with you.

[NetzKaiser]

I agree, too.

German news papers writes that he is coming back and I hope they tell us lies. Schröder worked hard to lose our debt and now we are on a good way.

It is also very bad that Keynes loves goverment so much, that Hitler could quote him to build the Autobahn/highway for fucking tanks. It destroyed our dignity.

[lucascecin]

show me the bill, sweet heart. Keynes build the US.

[nestorius333]

Keynes had his moment in the post war era. his ideas now repreasent an anacronic system, that a 70s were very pernicious to latin america. and yes, thanks to Hayek, the father of austrian school and above everithing, to mr Friedman (the greatest), latin america was able to come back from the ecnomic destruction.

[andersoncouncil65]

Most latin american nations had higher growth rates in the 60-70's then now. Friedman is the one responsible for undermining democracy in latin america to choose its own economic systems. Now the IMF and WTO are telling these nations how to run themselves and have forced many to become more capitalistic then even America.

[haldenver]

Don't fall for all the text-book falsity about Keynesianism versus monetarism: Keynes was a pragmatist.Friedman was a great exponent of the market system....they are,as individuals, not so far apart.Modern academia has over-simplified Keynes massively.

rgds HD

[nestorius333]

oh no, not me. i only talk because i live in mexico, and i used the keynesian method for my thesis to graduate with honors. i also experienced with the neoclasic school with general equilibrium models. i love to study economics, so, i am an empiric person, not an idealist.

[AiridasLietuva]

Have you red the General Theory of Employment, Interest and Money?Have you understood everything what Keynes was trying to explain?

[nestorius333]

oh yes.

[anarchonism]

tryin to read, but it's too damn hard

[AiridasLietuva]

Many people say that it is very difficult to read it.Some economists say that people who developed theories based on Keynes ideas did misinterpret them.

[adamw711]

Couldn't have said it better myself.

[szlachcic87]

KEYNES IS DEAD! Thank God! As M. Rothbard said - the best thing about Marx is that he wasn't a keynsist.

Long live the Austrian School!

[mofi500]

Twat.

[fairyarwen]

FUK YOU KEYNES!!!

[Coltonccc]

Keynes was influential largely as a result of the great depression. He offered the Roosevelt administration, and unelected beurocrats a justification for the huge amount of destructive intervention which they commited on the American people during the 30's/40's. Keynes corrupted and compromised capitalist theory. Austrian economists may never be able to clean up the ideological mess that Keynes and his proponents have left for mankind. It may take centuries.

[sechkin]

j.m keynes must be the father for the macroeconomic theory and a milestone for capitalism

[mustainestheone]

it's such a shame he died relatively young, because if he hadn't he could have provided an alternative to thatcherism during the economic crisis in the 1970s. by the way, can someone remind me what song this is?

[RequiemAnima]

Air, from Orch. Suite No.3... J.S. Bach

[nestorius333]

The real genius of keynesian system was John Hicks, because he elaborated the mathematical or empyrical method for the model, Thanks to that we have the IS-LM modell. So, john Hicks has more credit.

[tuzasp]

Can you explain me why IS-LM model had been criticised by many and Hicks himself?

[nestorius333]

He did nt criticised the ISLM macromodel, he begun the construction of the is lm curves to prove keynes that his theory was not general, instead,a particular case of the clasic therory...

[nestorius333]

In order to make its critic clear, Hicks invented a resource that in the end would be called IS-LM. In him it graphically exposes the concept of the trap of the Keynsian liquidity...

[tuzasp]

Muchas gracias para explanation:), but as far as I know and was told, that one of the reasons for criticism of IS-LM model is that it is not realistic.

[nestorius333]

every model is not realistic, remember they are approaches to reality

[nestorius333]

...where the displacements of the straight line of the marginal effectiveness of capital (IS) do not affect the interest rate and produce use; a situation other people's totally to the classic case, where this one displacement elevates the interest rate. For Hicks the General Theory would not have to be called that way because it was solely the analysis of the depression.

[nestorius333]

...in other words, he criticised the General theory of Keynes, and to make a support of his ideas against the general thery, he developed the ISLM mdell.

[tuzasp]

The IS-LM model shows how the fiscal and monetary policy can affect a CLOSED economy.But in reality almost all economies are OPEN, exept North Korea and maybe few more.

[nestorius333]

for asn open ecnomy there ias the mundell-fleming model, that uses the is-lm model foundations.

[neothomist1275]

I find it incredible that these ideologies are still adhered to; synthesis has already happened in Capitalist/Communist China, which the United Nations calls "the model state of world" which we're all supposed to imitate.

[tc225]

'like Kalecki' - haha idiot

[texjoy86]

Hayek a bitch

Friedman a bitch

Keynes and Galbraith be brollic

[anderg03]

stop talking out of your arse!

You obviously have only endured 1st year macro courses

[overtrade]

na sua ciência, foi o maior do século xx.

[eze278arg]

Keynes was an intellectual. "One of the greatest economist of all times" because of his theory. So, this is a very pretentious tribute. You can do something more constructive.

[Omnis2]

Hayek > Keynes.

[jeanpaulfelix]

Umm no, Hayek didn't have anywhere near one-tenth the impact on social science or economics. He is just a myth carved by libertarians.

[bc1050]

Genius

[Schnabel87]

What a cute tribute.