John Maynard Keynes (1883-1946) is perhaps the foremost economic thinker
of the twentieth century. On economic theory, he ranks with Adam Smith
and Karl Marx; and his impact on how economics was practiced, from the
Great Depression to the 1970s, was unmatched. The General Theory of
Employment, Interest and Money was first published in 1936.
But
its ideas had been forming for decades as a student at Cambridge,
Keynes had written to a friend of his love for 'Free Trade and free
thought'. Keynes's limpid style, concise prose, and vivid descriptions
have helped to keep his ideas alive - as have the novelty and clarity,
at times even the ambiguity, of his macroeconomic vision. He was
troubled, above all, by high unemployment rates and large disparities in
wealth and income.
Only by curbing both, he thought, could
individualism, 'the most powerful instrument to better the future', be
safeguarded. The twenty-first century may yet prove him right. In The
Economic Consequences of the Peace (1919), Keynes elegantly and acutely
exposes the folly of imposing austerity on a defeated and struggling
nation.
The General Theory of Employment - John Maynard Keynes
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