Keynesian economics are the various macroeconomic theories and models of how aggregate demand strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and inflation.
John Maynard Keynes, 1st Baron Keynes, was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. He is known as the "father of macroeconomics".
The Bloomsbury Group or Bloomsbury Set was a group of associated English writers, intellectuals, philosophers and artists in the early 20th century. Among the people involved in the group were Virginia Woolf, John Maynard Keynes, E. M. Forster, Vanessa Bell, and Lytton Strachey. Their works and outlook deeply influenced literature, aesthetics, criticism, and economics, as well as modern attitudes towards feminism, pacifism, and sexuality.
Alfred Marshall was an English economist, and was one of the most influential economists of his time. His book Principles of Economics (1890) was the dominant economic textbook in England for many years. It brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. He is known as one of the founders of neoclassical economics.
Nicholas Kaldor, Baron Kaldor, born Káldor Miklós, was a Hungarian economist. He developed the "compensation" criteria called Kaldor–Hicks efficiency for welfare comparisons (1939), derived the cobweb model, and argued for certain regularities observable in economic growth, which are called Kaldor's growth laws. Kaldor worked alongside Gunnar Myrdal to develop the key concept Circular Cumulative Causation, a multicausal approach where the core variables and their linkages are delineated.
Arthur Cecil Pigou was an English economist. As a teacher and builder of the School of Economics at the University of Cambridge, he trained and influenced many Cambridge economists who went on to take chairs of economics around the world. His work covered various fields of economics, particularly welfare economics, but also included business cycle theory, unemployment, public finance, index numbers, and measurement of national output. His reputation was affected adversely by influential economic writers who used his work as the basis on which to define their own opposing views. He reluctantly served on several public committees, including the Cunliffe Committee and the 1919 Royal Commission on income tax.
The General Theory of Employment, Interest and Money is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, giving macroeconomics a central place in economic theory and contributing much of its terminology – the "Keynesian Revolution". It had equally powerful consequences in economic policy, being interpreted as providing theoretical support for government spending in general, and for budgetary deficits, monetary intervention and counter-cyclical policies in particular. It is pervaded with an air of mistrust for the rationality of free-market decision making.
Lydia Lopokova, Baroness Keynes was a Russian ballerina famous during the early 20th century.
The Economic Consequences of the Peace (1919) is a book written and published by the British economist John Maynard Keynes. After the First World War, Keynes attended the Paris Peace Conference of 1919 as a delegate of the British Treasury. At the conference as a representative of the British Treasury and deputy to the Chancellor of the Exchequer on the Supreme Economic Council, but became ill and on his return found that there was 'no hope' of an economically sustainable settlement, and so resigned. In this book, he presents his arguments for a much less onerous treaty for a wider readership, not just for the sake of German civilians but for the sake of the economic well-being of all of Europe and beyond, including the Allied Powers, which in his view the Treaty of Versailles and its associated treaties endangered.
Sir Henry Roy Forbes Harrod was an English economist. He is best known for writing The Life of John Maynard Keynes (1951) and for the development of the Harrod–Domar model, which he and Evsey Domar developed independently. He is also known for his International Economics, a former standard textbook of international economics, the first edition of which contained some observations and ruminations that would foreshadow theories developed independently by later scholars.
Robert Jacob Alexander Skidelsky, Baron Skidelsky, is a British economic historian. He is the author of a three-volume, award-winning biography of British economist John Maynard Keynes (1883–1946). Skidelsky read history at Jesus College, Oxford, and is Emeritus Professor of Political Economy at the University of Warwick, England.
Fellowship of the British Academy is an award granted by the British Academy to leading academics for their distinction in the humanities and social sciences. The categories are:
- Fellows – scholars resident in the United Kingdom
- Corresponding Fellows – scholars resident overseas
- Honorary Fellows – an honorary academic title
- Deceased Fellows – Past Fellows of the British Academy
The Economic Journal is a peer-reviewed academic journal of economics published on behalf of the Royal Economic Society by Oxford University Press. The journal was established in 1891 and publishes papers from all areas of economics.The editor-in-chief is Francesco Lippi.
William Milo Keynes was a British doctor and author. He was educated at Oundle and University of Cambridge. He was the brother of Richard, Quentin and Stephen. He was interested in education and art, publishing books and essays about John Maynard Keynes, Isaac Newton, and the history of science. Upon his death he bequeathed a number of rare artworks to the University of Cambridge.
Florence Ada Keynes was an English author, historian and politician.
Sir Edward Austin Gossage Robinson, was a University of Cambridge economist. He was an undergraduate at Christ's College, Cambridge, and a fellow of Sidney Sussex College, Cambridge.
David Miles Bensusan-Butt was an English economist who spent much of his career in Australia. Known as David, he published his work as D. M. Bensusan-Butt.
A Treatise on Probability, published by John Maynard Keynes in 1921, provides a much more general logic of uncertainty than the more familiar and straightforward 'classical' theories of probability. This has since become known as a "logical-relationist" approach, and become regarded as the seminal and still classic account of the logical interpretation of probability, a view of probability that has been continued by such later works as Carnap's Logical Foundations of Probability and E.T. Jaynes Probability Theory: The Logic of Science.
Britain's Industrial Future, commonly known as the Yellow Book, was the report of the British Liberal Party's Industrial Inquiry of 1928.
John Maynard Keynes and Jan Tinbergen engaged in an exchange of letters in which Keynes initially commented and Tinbergen responded. This conversation was subsequently expanded upon in a book review by Keynes in 1939, which Tinbergen replied to in 1940, followed by a final remark from Keynes in the same year. This discourse is commonly referred to as the Keynes–Tinbergen debate. It was in the field of econometrics.
