Who is John Maynard Keynes?

An introduction to the great 20th century economist John Maynard Keynes and an explanation why the Institute is launching at Keynes' King's College at Cambridge University.

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• Keynes

[Triplezero13999]

Interesting how people bash Keynes despite the fact that the great depression occurred before Keynesian economics and how our economy collapsed after we started listening to Greenspan and other supply side economists.

[a199215]

Keynes was a great economist. It is quite an irony that people associate him with left-wing politics as he was a Burkean Conservative.

His theories were promoted to help the economy out of the disaster of the Great Depression. It was not mend to be followed as a universal economic policy forever.

He was a pragmatist.

[MrGreeneggsnham]

"[Jews] have in them deep-rooted instincts that are antagonistic and therefore repulsive to the European, and their presence among us is a living example of the insurmountable difficulties that exist in merging race characteristics, in making cats love dogs …

It is not agreeable to see civilization so under the ugly thumbs of its impure Jews who have all the money and the power and brains." - John Maynard Keynes

[KrugmanTheKing]

@a199215

Following in a similar line of thought, but with a different purpose, new keynesians economics still give a very similar overall insight: markets bear inherent failures and governmental interventions (of course, always adapt the type of intervention to the situation) can constitute Pareto improvements.

[KrugmanTheKing]

@a199215

If you fall into a situation wherein monetary policy is no longer effective and unemployment rises, you're in a situation wherein Keynes would say: use the fiscal policy.

I'd rather rely on the Stiglitz and Krugman of this world who can actually support their claims with sensible models -- models which Keynes would probably have a hard time swallowing because they amount to comparing the society to aggregated individual behaviors. Keynes thought the whole was greater than sum.

[JuliusPT25]

he is talking in circles, give me some content!

[BirgirZ]

@Triplezero13999 ????????????? The great depression occurd because of the central banks and what kaynes did was give them more power. Greenspan is a major kaynesian. He was the head of the Fed FFS.

[GaiusIuliusTaberna]

@a199215 people are too quick to attach ideology to potential policy based on their own preconceptions. Its a sad comment on the current debate that neither his proponents, nor his vocal critics fully comprehend just what Keynesian economics are and the purpose behind them. The economic views of the political class seem to be faith based, rather than a pragmatic assessment of the facts.

[RJGula]

This is not an explanation of Keynes' theories but rather a stuffed shirt kissing Keynes' butt for two and a half minutes.

[TashiRogo]

What everyone talking about this institute /seems/ to miss, is that it is the "call to action" itself that destroys economic systems. The thought is that an economy can be manipulated to a desirable result. It has been shown that an economy can be manipulated through various means. The problem is attempting to have one philosophy that can define "desirable result" for everyone, instead of leaving that decision to individuals. Economics needs to deal more with observation, not manipulation.

[ferrozm]

@Triplezero13999 it still happened due to the inflation of the 10's and 20's just like the Austrians have been saying.