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John Maynard Keynes: A Biography and His Contributions to Economics



John Maynard Keynes

John Maynard Keynes was an English economist, journalist, and financier best known for his economic theories (Keynesian economics) on the causes of prolonged unemployment. He was born on June 5, 1883 in Cambridge to economist father John Neville Keynes and social reformer mother Florence Ada Keynes.

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John Maynard Keynes

John Maynard Keynes

Keynes started his education at the age of five and a half. He attended Eton College and then Cambridge University where he studied mathematics and economics. He was one of the most influential economists of the Twentieth Century. His groundbreaking work in the 1930s led to the development of a whole new economic discipline dedicated to macroeconomics. Keynesian economics is a macroeconomic theory of total spending in the economy and its effects on output, employment, and inflation. It was developed by British economist John Maynard Keynes. Keynesian economists claim that the government can directly influence the demand for goods and services by altering tax policies and public expenditures. Keynes’ approach was a stark contrast to the aggregate supply-focused classical economics that preceded his book.