John Maynard Keynes And His Contribution To Economics And America

1132 words - 5 pages

Introduction
With the recent recession John Maynard Keynes and his theories are being debated by millions of Americans, though likely without their knowledge, as his theories have become integral to America’s economic policy. A search of “John Maynard Keynes” on Google news, limited to just the past week, yields more than 200 results, illustrating the scope of Keynes’ continued influence. Fueled by concerns over unemployment and inflation the debate rages over government’s role in the economy, including regulation of industry, tax rates, and government spending to stimulate the economy. What people are really arguing over are the merits of supply-side economic versus demand-side. Keynes or “Keynesian economics is based on the notion that government can boost employment or cut inflation by manipulating the demand side of the economy—increasing government spending and expanding the money supply to boost employment and doing just the opposite to hold down inflation.”
“The two decades between 1919 and 1939 had seen great economic instability.” The economic troubles were being experienced both at home and abroad. In addition to the unemployment plaguing America and other “major capitalist industrial nations--…Britain, France, [and] Germany” —there was also “nightmare inflation, collapsing banks, [and] agrarian and industrial devastation.” The start of this economic collapse coincided with the end of World War I and the accompanying peace treaty.
Keynes, a British economist had been advising his government throughout World War I, including The Paris Peace Conference. He entered the international scene of economics with his 1919 book titled, The Economic Consequences of the Peace. The book captured his views following the Treaty of Versailles at the close of World War I. Keynes argued that the immense reparations imposed on a fractured Germany would brew animosity within the nation as well as prevent them from rebuilding a healthy economy.
Amidst the global recession, including America, which was experiencing “The Great Depression”, Keynes continued to offer his advice to Great Britain and the United States. At the time economists largely “favored balanced budgets.” This was certainly true in America where “in the 1932 presidential election, Franklin D. Roosevelt had blasted Herbert Hoover for running a deficit, and dutifully promised he would balance the budget if elected.” FDR’s eventual persuasion to follow Lord Keynes ideas came several years after their first meeting in 1934. This delay was perhaps due in part to each man’s peculiar impression of the other: FDR perplexed by Keynes, explained to his Secretary of Labor that because of his “rigamarole (sic) of figures…He must be a mathematician rather than a political economist.” ; Keynes returning the sentiment remarked he had "supposed the President was more literate, economically speaking."
In 1938 Roosevelt fortified the New Deal, a comprehensive series of social and economic...

Find Another Essay On John Maynard Keynes and His Contribution to Economics and America

Ulysses S. Grant and His Contribution to America

2054 words - 9 pages , to a soldier, and after some time, to a gifted and experienced general, eventually becoming a president, Grant fought his entire life as hard as he could for what he believed in, through both hardship and peace, helping America in many ways. Hiram Ulysses Grant was born on April 27, 1822 in Point Pleasant, growing up in Georgetown, Ohio to Jesse Root Grant, and Hannah Simpson. (Gaines, 2009) He also had two brothers named Samuel and Orvil and

America: The Abundant and John Downe´s Letter to His Wife Convincing her to Move to America

756 words - 4 pages America: The Abundant Downe travels to America in search for a job, leaving his family behind to support them through money. Downe convinces his wife and children to emigrate to live a more prosperous life in America spanning from an enthusiastic tone to one of sincerity. In the first paragraph, Downe gives the impression that America lacks starvation to make his family more eager to leave England and start a better life. Downe exaggerates

John Keynes Memo for his view on euroland policy

466 words - 2 pages ). These proposals, to stimulate the 11 countries in Euroland, have caught much opposition. The argument is that all the government appending being done to stimulate the economy is causing a resistance to "structural reform" and only covering up the problem (Mayer). For this situation Keynes would agree with either the government spending or the interest rate decrease. The reason behind this is as follows.He would agree with an increase in governmental

Alfred Hitchcock and his contribution to Hollywood

2034 words - 8 pages England in a little town outside of London on the thirteenth of August in eighteen ninety-nine, to William and Emma Hitchcock. He had two older siblings, William and Nellie. The family was a lower middle class family living in Leytonstone, England. William Hitchcock was a dealer of fruit and poultry, and his business did quite well. According to John Russell Taylor, in his tell-all biography, Hitch (1978); Hitchcock was a child who kept to himself

Francis Crick and His Contribution to Biology

1393 words - 6 pages biology because of his great understanding and insight for the subject. His approach to DNA and the genetic code became the standards of scientific teaching as well as references in modern culture. He defined molecular biology from the discovery of the double helical structure of DNA in 1953 to his explanation of the entire genetic code in 1966.Francis Harry Compton Crick was born on June 8th, 1916, in Northampton, England. Upon graduating from

Seán Lemass and His Contribution to Irish History

956 words - 4 pages Seán Lemass and His Contribution to Irish History During his seven years as Taoiseach, Seán Lemass' government achieved much. The years 1959 to 1966 saw considerable, though often exaggerated, change in Ireland in the fields of politics, the economy, the standard of living and international relations. This transformation succeeded in bringing Ireland up to speed with other nations and helped prepare the country for the

Charles Lindbergh and His Contribution to Aviation During the 1920s

2405 words - 10 pages celebrated by the French. In the United States, even greater celebration, thrill, and excitement awaited his arrival which included thousands or cheering Americans and parades to honor the hero. The success of the "Lone Eagle's" Flight in 1927 astonished the people of Europe and America, for the fact "[t]he cylic argument intimated that the flight couldn't be done, and for eight years technology supported that argument"(Bell, 2008, p. 89). In

"Dr. Robert A. Moog and His Contribution to Electronic Music"

1442 words - 6 pages to have one.' Some of its first customers were in the TV industry, where the gizmo's chirps and whistles were used for inecartoon noises and other peculiar sounds." (Entertainment Weekly) "In September 1964 he was invited to exhibit his circuits at the Audio Engineering Society Convention. Shortly afterwards in 1964 Moog begin to manufacture electronic music synthesizers." (Obsolete.com) Working with American composer Herbert Deutsch, Moog

There are two articles "His Talk, Her Talk" by Joyce Maynard and "Man To Man, Woman To Woman" by Mark A. Sherman and Adelaide Haas: male-female communication

788 words - 3 pages his girlfriend, but somehow she might think that he doesn't have enough time to be with her, so that if they are not willing to communicate to solve this problem, they will break up very easily. So when two different kinds of people get together, problem and conflicts will appear between them. There are two articles "His Talk, Her Talk" by Joyce Maynard and "Man To Man, Woman To Woman" by Mark A. Sherman and Adelaide Haas. Both articles talk

Singer-Songwriter Bono and his Humanitarian Contribution

817 words - 4 pages Bono was a remarkable person. He is a singer and a guitaris in an Irish rock band called U2. He was also doing charity work globally. Bono “used his celebrity to call attention to global problems, including world poverty, [hunger] and AIDS” (Bono). With that, he received the Nobel Peace Prize’s Man of Peace title for his hard works. Bono was a co-founder of DATA and the ONE Campaign. He had and still have many fans who looked up to him now

alan greenspan and his economics

942 words - 4 pages Alan Greenspan who is an American economist obliged as Chairman of the Federal Reserve of the United States from 1987 to 2006, was born on March 6, 1926. He is a highly educated economist and in his life he took many years of experience from the economy of the world. People look for his advice and follow his judgments to develop the growth in economy. He was the world's most powerful economic policymaker in Federal Reserve for two decades. He is

Similar Essays

Economis Theorists Adam Smith, Karl Marx, And John Maynard Keynes And Their Contributions To The Field Of Economics

597 words - 2 pages Throughout the centuries, there have been many economists, who have contributed to the many economic theories. Among them is Adam Smith, also known as the Father of Capitalism. His theory on beneficial workings of the free marketplace and his 1776 Wealth of Nations is what he is most noted for. Karl Marx, the Father of Communism, is most famous for his theory on the conflict within capitalism. There is also John Maynard Keynes, who is known as

John Maynard Keynes Essay

991 words - 4 pages The General Theory as a great book but, also argued “the macroeconomic policy can reliable influence only the nominal”. (BBC) Today John Maynard Keynes is still very relevant. He is one of the most influential economist of the twentieth century. His books and the institutions he helped establish continue to affect our lives. His theories on modern economics have helped those everywhere because they help logically organize our thoughts about the

John Maynard Keynes Essay

1267 words - 6 pages Throughout the history of economics, there have been many experts and professors whose ideas and theories have fundamentally affected our thoughts and practices, but none has been as influential on this subject as John Maynard Keynes. He was a British economist who revolutionized economic thinking and to this day his work continues to be appreciated and utilized by many into what is known as “Keynesian Economics.” John Maynard Keynes was an

John Maynard Keynes Essay

531 words - 2 pages many fields of economic analysis. Finally, Keynes influenced a shift from microeconomics to macroeconomics, from a concentration on the long run to the short run and most significantly from the emphasis on production andallocation of resource to the problem of employmen. John Maynard Keynes revolutionized economic thinking. That feat alone guarantees his relevance and apermanent place in history.1.The General Theory of Employment, Interest and Money, John Maynard Keynes, Macmillan Cambridge University Press, for Royal Economic Society in 19362. http://www.jobsletter.org.nz/jbl04611.htm, The Jobs Letter, No.221, Dec 2004