John Maynard Keynes

John Maynard Keynes is a well known British economist whose ideas, known as Keynesian economics, had a major impact on modern economic and political theory as well as on many governments' fiscal policies. He advocated the interventionist form of government policy in order to avoid depressions, recessions, and booms at any cost. To this day, John Maynard Keynes continues to hold the position titled the "father of macroeconomics."

Keynes had always been interested in the mathematical fields during school, but it was his keen interest in politics that pushed him towards economics. Early into his career, Keynes received a lectureship at Cambridge University and was soon after appointed Royal Commission on Indian Currency and Finance. It was during these times where he really began to show his considerable talent of applying economic theory to practical problems. Keynes was then asked to help out during World War II, where he showed a great amount of assistance. This effort resulted in his promotion as the financial representative to the Secretary of the Paris Peace Conference 1919. His career lifted off as he soon became an adviser to the British finance department during the war.

Keynes economic thoughts and theory's began getting published into many books, early in his career. Some of these books are: A Revision of the Treaty, Treatise on Probability, Treatise on Money, etc. However, his greatest work is known as The General Theory of Employment, Interest, and Money. This book helped lay the foundation for the branch of economics known as macroeconomics. This is generally regarded as probably the most influential social science treatise of the 20th Century, in that it quickly and permanently changed the way the world looked at the economy and the role of government in society. In his core argument, prices and wages are perfectly flexible and they establish that the interaction of "aggregate demand" and "aggregate supply" may lead to stable unemployment equilibrium. However, his main contribution is establishing an approach to macroeconomics that maintains its relationship to the underlying microeconomic behaviors, but it assumes a form qualitatively different from microeconomic models. Keynes also had many theories relating inflation and unemployment, full employment to macroeconomics, and labor to price stability.

John Maynard Keynes' theories were so influential and significant that