John Maynard Keynes Contribution to the Theories of...

Macro Questions Part I Describe John Maynard Keynes contribution to the theories of Macroeconomics. Why was he such an important economist? Discuss the theories of two other 20th century economists who made a significant contribution to the study of economics. John Maynard Keynes is one of the founding fathers of the modern economic thought. So influential was John Maynard Keynes in the middle third of the twentieth century that an entire school of modern thought bears his name Keynesian Economics (Library of Economics and Liberty, N.d.). He was a British economist who lived from1883-1946 and who developed the theory that increasing government deficits stimulate a sluggish economy, was long the guiding light of liberal economists (Skidelsky, 2008). His work primarily discredited laissez-faire economics because he was able to show that the government did and could serve a role in helping to guide the economy of a country. A supporter of Keynesian economics believes it is the governments job to smooth out the bumps in business cycles. Intervention would come in the form of government spending and tax breaks in order to stimulate the economy, and government spending cuts and tax hikes in good times, in order to curb inflation (Investopedia, N.d.). In fact, Ben Bernanke the current chairman of the federal reserve helped to build off of Keynes work with a model he refers to as New Keynesian economics, Though Bernanke is close to retirement, he would have likely beenShow MoreRelatedClassical and Neoclassical Economists: Adam Smith and John Maynard Keynes1289 Words   |  6 PagesIn order to understand how economics really work in today’s age we must think about how those economic ideas, revolutionary theories of many econom ists, that helped to shape the economic structure as we know it now, through many individuals and school of economic though that has existed through the ages. These schools are â€Å"the mercantilists, the physiocrats, the classical economists, Marxian economics, the neoclassical economists and the monetarist economics. For this essay I will only refer toRead MoreThe Economic Life Of John Maynard Keynes1155 Words   |  5 PagesThe Economic Life of John Maynard Keynes Morgan State University Julius Sesay Social Science 101.002 Prof. J Mohan October 4, 2016 Abstract According to my studies, I’m going to talk about John Maynard Keynes and his economic life. He is one of the most recognizable and influential economist of the 20th Century. For my research, I was summarizing about the life-term history of the world’s brilliant economist, who made economics possible. The paper will be about howRead MoreJohn Maynard Keynes : The Father Of Macroeconomics1502 Words   |  7 PagesAbstract John Maynard Keynes, also known as the ‘Father of Macroeconomics’, is a twentieth century economist, whose impact on economic theories has proven substantial contribution to reconstructing of economical values. He had influential individuals who helped intrigue and develop his interests in economic. Keynes interests were beyond economics; he took active stance on proposing post-war monetary funds, important for Germany’s reparation and reconstruction funds after World War II. Through hisRead MoreKeynes Versus Friedman745 Words   |  3 PagesKeynes versus Friedman To begin with, I would like to say that these to economists made perhaps the greatest and the most significant contribution to economy in the twentieth century. They are beyond any doubt among most powerful intellectuals that set their feet over the ground. 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Perhaps it would be wise to consider the expertise at the Federal Reserve, and staff in the Congress Budget Office who base suggested action or non-action on macroeconomic rationale that go beyond for orRead MoreCanadas Current Economic Situation1285 Words   |  6 Pagesof Dinner Party Economics, Evie Adomait and Richard Mantra investigate macroeconomic policies and how they pertain to the economy of our nation. It is critical to investigate political views and the differences in opinions between left wing and right wing ideologies regarding the economy. The results of these decisions and debates are what create the basis for Canada s overall macroeconomic policies. A study of macroeconomics allows one to understand the current situation of Canada s economy. InRead MoreIS, LM model and explanations(in the form of an essay).1350 Words   |  6 Pagestopic1. Introduction: During the years after World War II, the development of the IS-LM model took several directions. Probably, the most prominent ideas on that theory were expressed in the work of John Hicks called Mr. Keynes and the Classics. The model expressed in the article was largely based on the works of John Maynard Keynes and became a widely accepted as the alternative framework to standard Keynesian analysis. The IS-LM model is a way of modelling equilibrium in the economy by lookingRead MoreKeynes and the Classical Economists6500 Words   |  26 PagesKeynes and the Classical Economists: The Early Debate on Policy Activism LEAR N I NG OBJ ECTIVE S 1. Discuss why the classical economists believed that a market economy would automatically tend toward full employment. 2. Explain why Keynes rejected the views of the classical economists. 3. Compare the views of Keynes and the classical economists with regard to the proper role of government. s you discovered in Chapter 10, unemployment and inflation impose costs on our society. Today, many Americans