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Biography of the famous economist
John Maynard Keynes
Performed: by Polina Vorobeva
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John Maynard Keynes
He was born on June 5, 1883 in the United Kingdom in the family of economist John Neville Keynes, who taught economics and logic at the University of Cambridge and wrote a book on the subject of economic science. Keynes ' mother was the daughter of a minister, a successful writer, and in 1932-1933, even served as mayor of Cambridge.
Citizenship: Great Britain
Category: Scientists
Occupation: Economists
The unique difference: The father of modern macroeconomics or Keynesian economics.
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Main stages of professional activity
Main stages of professional activity:
After studying at King's College Eton and Cambridge University (Baccalaureate in Mathematics, 1905), he worked in the Department of Indian Affairs from 1906 to 1908, and then returned to teaching economics at Cambridge. After 1919, he had a successful career in the world of finance, as a company director, chairman of an insurance company, and director of the Bank of England (1941-1946), and as a fellow of King's College, Cambridge. In the early years after 1936, Keynes spent most of his time in public service, writing several articles on the issue of financial wars. During the Second World War, he was a consultant to the Secretary of the Treasury and the Director of the Bank of England. He was raised to the peerage in 1942.
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Main contribution
Keynes was the creator of the theory of "Keynesian economics", which had a huge impact on modern macroeconomics. His ideas radically changed the practice and economic policy of various governments. Contributions: John Keynes - revolutionized economic thinking by rejecting the old ideas of neoclassical economic theory that the free market is capable of self-regulation and automatic full employment. His book, The General Theory of Employment, Interest, and Money (1936), revolutionized economic theory and served as the basis for the birth of Keynesianism. The book argued that the government should actively influence the economy, especially during periods of chronic unemployment.
He supported an interventionist public policy, consisting in the active use of fiscal and monetary measures by the government to mitigate the negative effects of economic cycles, recessions and depressions. Although Keynes advocated controlled investment and a strong public sector, he never wavered in his belief in a capitalist market economy. So, in Keynesian theory, the actions of the government are aimed at stimulating the market, and not at eliminating it.
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Personal life
Keynes was described by his teachers as a brilliant student, but in some cases careless and indecisive. At Cambridge, Keynes took an active part in the work of the scientific circle, whose members included the philosophers George Moore, Bertrand Russell and the writer Virginia Woolf. In 1925, he married Lydia Lopukhova (1892-1981), a famous Russian ballerina. They had no children. Under the influence of his friends and his wife, he began to play an active and important role in cultural life. He was a patron of the arts, an adviser to several charitable foundations, a writer, a private investor, an art collector, and even a farmer. Keynes had a statuesque figure and his height was 198 cm, six feet and six inches.
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Interesting facts from the life of John Maynard Keynes
Playing on the stock exchange and investing, he managed to make a good fortune for himself. But in 1929, the stock market crashed and Keynes went bankrupt. In a short time, the economist corrected his financial condition.
He was fond of collecting book relics. In his library were the original works of the scientist Isaac Newton.
He was interested in drama and literature, and financially helped the Cambridge Art Theater.
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The main works and quotations of John Keynes
Money Circulation and Finance in India (1913)
A Treatise on Monetary Reform (1923)
And a Treatise on Money (1930).
General Theory of Employment, Interest, and Money (1936), How to Pay for Wars (1940).
The difficulty is not to find new ideas, but to get rid of old ones.
My basic principle of investing is to go against the general consensus on the grounds that if everyone agrees on its merits, the investment will inevitably be expensive and therefore unattractive.
Whenever you save 5 shillings, you deprive one person of their daily earnings.
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Death of John Keynes
Keynes worked hard and vigorously all his life. Even experiencing health problems, the man did not refuse to travel abroad, where he solved global economic problems such as issues on the Anglo-American loan, which he was engaged in in 1946. While negotiating a contract in Savannah, Georgia, John had his first heart attack.
Back in England, the economist again felt heart problems. On 21 April 1946, Keynes died at a farmhouse near Firle, East Sussex. The cause of death was a heart attack. The 62-year-old Englishman was survived not only by his wife, but also by both parents, who scattered his ashes over the family estate Tilton.
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