Biography of John Maynard Keynes Essay - 990 Words

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 â€Å"Keynesian Economics.† John Maynard Keynes was an Englishman born in 1883, who went on to become one of the most influential economists of the twentieth century. We know this economist best for Keynesian economics which is described as the economies success is predicated on aggregate demand, meaning that there is complete spending in the economy in†¦show more content†¦On the other hand, Robert Skidelsky, another British economist, seems to have a different view on Keynes’ work and the view of the economy. Skidelsky states that in today’s economic climate â€Å"Reforms should not be pressed prematurely, because they may cut off recovery by denting business confidence, and they should follow a deep, not superficial, attempt at understanding what went wrong.† (Skidelsky, 2009) He also stated â€Å"Keynes was very clear about this in the early 1930s. It might even be necessary to have a ‘conservative’ budget, he told a Swedish correspondent, if that would help to ge t lower long-term interest rates.† (Skidelsky, 2009) However, he goes on to imply that although Keynes is correct in his thinking he backtracks on his notion that Keynes is still relevant today as he states â€Å"the problem is the same today: how to carry out a Keynesian policy when most of the key actors have a non-Keynesian model of the economy.† (Skidelsky, 2009) Skidelsky goes back and forth on Keynesian economics and again states that Keynes has influenced current policies but continues to contradict himself by stating, â€Å"Keynesianism can at best be a common element in very different systems of mixed economicShow MoreRelatedEconomics Essay1090 Words   |  5 Pagesare many people who have influenced the world with their individual economic point of view. 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