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John Maynard Keynes was born in Cambridge, Cambridgeshire, England, to an upper-middle-class family. His father, John Neville Keynes, was an economist and a lecturer in moral sciences at the University of Cambridge and his mother Florence Ada Keynes a local social reformer. Browse affected the manor wiki stories. Or see: affected the manor wikipedia and also deebot m80 reset button. Affected: The Horror Experience.
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.John Maynard Keynes, 1st Baron Keynes (; 5 June 1883 – 21 April 1946), was a British, whose ideas fundamentally changed the theory and practice of and the of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of, and was one of the most influential economists of the 20th century.
Widely considered the founder of modern, his ideas are the basis for the known as, and its various offshoots.During the of the 1930s, Keynes spearheaded, challenging the ideas of that held that would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He argued that (total spending in the economy) determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high. Keynes advocated the use of and policies to mitigate the adverse effects of economic. He detailed these ideas in his magnum opus, published in 1936. In the mid to late-1930s, leading Western economies adopted Keynes's policy recommendations. Almost all governments had done so by the end of the two decades following Keynes's death in 1946.
As a leader of the British delegation, Keynes participated in the design of the international economic institutions established after the end of but was overruled by the American delegation on several aspects.Keynes's influence started to wane in the 1970s, partly as a result of the that plagued the economies during that decade, and partly because of criticism of Keynesian policies by and other, who disputed the ability of government to favorably regulate the business cycle with. However, the advent of the global sparked a. Keynesian economics provided the theoretical underpinning for economic policies undertaken in response to the crisis by President of the United States, Prime Minister of the United Kingdom, and other heads of governments.When magazine included Keynes among its in 1999, it stated that 'his radical idea that governments should spend money they don't have may have saved capitalism.'
Has described Keynes as 'Britain's most famous 20th-century economist.' In addition to being an economist, Keynes was also a civil servant, a director of the, and a part of the of intellectuals. Keynes's grandmother wrote to him saying that, since he was born in Cambridge, people will expect him to be clever.John Maynard Keynes was born in, to an upper-middle-class family.
His father, was an economist and a lecturer in at the University of Cambridge and his mother a local social reformer. Keynes was the first born, and was followed by two more children – Margaret Neville Keynes in 1885 and in 1887. Geoffrey became a surgeon and Margaret married the Nobel Prize-winning physiologist.According to the and biographer, Keynes's parents were loving and attentive. They remained in the same house throughout their lives, where the children were always welcome to return. Keynes would receive considerable support from his father, including expert coaching to help him pass his scholarship exams and financial help both as a young man and when his assets were nearly wiped out at the onset of in 1929.
Keynes's mother made her children's interests her own, and according to Skidelsky, 'because she could grow up with her children, they never outgrew home'.In January 1889 at the age of five and a half, Keynes started at the kindergarten of the for five mornings a week. He quickly showed a talent for arithmetic, but his health was poor leading to several long absences. He was tutored at home by a governess, Beatrice Mackintosh, and his mother. In January 1892, at eight and a half, he started as a day pupil at preparatory school. By 1894, Keynes was top of his class and excelling at mathematics. In 1896, St Faith's headmaster, Ralph Goodchild, wrote that Keynes was 'head and shoulders above all the other boys in the school' and was confident that Keynes could get a scholarship to Eton.In 1897, Keynes won a scholarship to, where he displayed talent in a wide range of subjects, particularly mathematics, and history.
At Eton, Keynes experienced the first 'love of his life' in Dan Macmillan, older brother of the future Prime Minister. Despite his middle-class background, Keynes mixed easily with upper-class pupils.In 1902 Keynes left Eton for, after receiving a scholarship for this also to read mathematics. Begged Keynes to become an economist,although Keynes's own inclinations drew him towards philosophy – especially the ethical system of. Keynes joined the and was an active member of the semi-secretive society, a debating club largely reserved for the brightest students. Like many members, Keynes retained a bond to the club after graduating and continued to attend occasional meetings throughout his life.
Before leaving Cambridge, Keynes became the President of the. He was said to be an atheist.In May 1904, he received a first-class BA in mathematics. Aside from a few months spent on holidays with family and friends, Keynes continued to involve himself with the university over the next two years. He took part in debates, further studied philosophy and attended economics lectures informally as a graduate student for one term, which constituted his only formal education in the subject.
He took civil service exams in 1906.The economist wrote that the optimism imparted by Keynes's early life is a key to understanding his later thinking.Keynes was always confident he could find a solution to whatever problem he turned his attention to and retained a lasting faith in the ability of government officials to do good.Keynes's optimism was also cultural, in two senses: he was of the last generation raised by an empire still at the height of its power and was also of the last generation who felt entitled to govern by culture, rather than by expertise. According to, the sense of cultural unity current in Britain from the 19th century to the end of provided a framework with which the well-educated could set various spheres of knowledge in relation to each other and life, enabling them to confidently draw from different fields when addressing practical problems. Career In October 1908, Keynes's career began as a clerk in the.
He enjoyed his work at first, but by 1908 had become bored and resigned his position to return to Cambridge and work on, at first privately funded only by two at the university – his father and the economist.By 1909 Keynes had published his first professional economics article in The Economic Journal, about the effect of a recent global economic downturn on India. He founded the, a weekly discussion group. Also in 1909, Keynes accepted a lectureship in economics funded personally. Keynes's earnings rose further as he began to take on pupils for private tuition.In 1911 Keynes was made the editor of. By 1913 he had published his first book, Indian Currency and Finance. He was then appointed to the on Indian Currency and Finance – the same topic as his book – where Keynes showed considerable talent at applying economic theory to practical problems.
His written work was published under the name 'J M Keynes', though to his family and friends he was known as Maynard. (His father, John Neville Keynes, was also always known by his middle name). First World War The British Government called on Keynes's expertise during the. While he did not formally re-join the civil service in 1914, Keynes traveled to London at the government's request a few days before hostilities started. Bankers had been pushing for the suspension of payments – the of into gold – but with Keynes's help the (then ) was persuaded that this would be a bad idea, as it would hurt the future reputation of the city if payments were suspended before it was necessary.In January 1915, Keynes took up an official government position at the. Among his responsibilities were the design of terms of credit between Britain and its continental allies during the war and the acquisition of scarce currencies. According to economist, Keynes's 'nerve and mastery became legendary' because of his performance of these duties, as in the case where he managed to assemble – with difficulty – a small supply of Spanish.The secretary of the Treasury was delighted to hear Keynes had amassed enough to provide a temporary solution for the British Government.
But Keynes did not hand the pesetas over, choosing instead to sell them all to break the market: his boldness paid off, as pesetas then became much less scarce and expensive.On the introduction of in 1916, he applied for exemption as a, which was effectively granted conditional upon continuing his government work.In the 1917 King's, Keynes was appointed for his wartime work, and his success led to the appointment that would have a huge effect on Keynes's life and career; Keynes was appointed financial representative for the Treasury to the 1919. He was also appointed Officer of the Belgian. Versailles peace conference. Keynes's colleague,.
Keynes was initially wary of the 'Welsh Wizard,' preferring his rival, but was impressed with Lloyd George at Versailles; this did not prevent Keynes from painting a scathing picture of the then-prime minister in his.Keynes's experience at was influential in shaping his future outlook, yet it was not a successful one. Keynes's main interest had been in trying to prevent being set so high it would traumatize innocent German people, damage the nation's ability to pay and sharply limit her ability to buy exports from other countries – thus hurting not just Germany's economy but that of the wider world.Unfortunately for Keynes, conservative powers in the coalition that emerged from the were able to ensure that both Keynes himself and the Treasury were largely excluded from formal high-level talks concerning reparations.
Their place was taken by the – the judge and the banker whose nickname derived from the 'astronomically' high war compensation they wanted to demand from Germany. Keynes argued against a return to the at parity with pre-war sterling valuation afterKeynes had completed his before the war but published it in 1921.
The work was a notable contribution to the philosophical and mathematical underpinnings of, championing the important view that probabilities were no more or less than intermediate between simple truth and falsity. Keynes developed the first upper-lower probabilistic approach to probability in chapters 15 and 17 of this book, as well as having developed the first decision weight approach with his conventional coefficient of risk and weight, c, in chapter 26. In addition to his academic work, the 1920s saw Keynes active as a journalist selling his work internationally and working in London as a financial consultant. In 1924 Keynes wrote an obituary for his former tutorwhich called 'the most brilliant life of a man of science I have ever read.' Marshall's widow was 'entranced' by the memorial, while rated it as one of Keynes's 'best works'.In 1922 Keynes continued to advocate reduction of German reparations with A Revision of the Treaty. He attacked the post-World War I deflation policies with A Tract on Monetary Reform in 1923 – a trenchant argument that countries should target stability of domestic prices, avoiding deflation even at the cost of allowing their currency to depreciate. Britain suffered from high unemployment through most of the 1920s, leading Keynes to recommend the depreciation of to boost jobs by making British exports more affordable.
From 1924 he was also advocating a fiscal response, where the government could create jobs by spending on public works. During the 1920s Keynes's pro stimulus views had only limited effect on policy makers and mainstream academic opinion – according to one reason was that at this time his theoretical justification was 'muddled'. The Tract had also called for an end to the gold standard. Keynes advised it was no longer a net benefit for countries such as Britain to participate in the, as it ran counter to the need for domestic policy autonomy. It could force countries to pursue deflationary policies at exactly the time when expansionary measures were called for to address rising unemployment. The Treasury and Bank of England were still in favor of the gold standard and in 1925 they were able to convince the then Chancellor to re-establish it, which had a depressing effect on British industry. Keynes responded by writing The Economic Consequences of Mr.
Churchill and continued to argue against the gold standard until Britain finally abandoned it in 1931. During the Great Depression. The with its periods of worldwide economic hardship formed the backdrop against which the took place. The image is by photographer taken in March 1936.Wikiquote has quotations related to:Keynes had begun a theoretical work to examine the relationship between unemployment, money, and prices back in the 1920s. The work, was published in 1930 in two volumes. A central idea of the work was that if the amount of money being saved exceeds the amount being invested – which can happen if interest rates are too high – then unemployment will rise. This is in part a result of people not wanting to spend too high a proportion of what employers pay out, making it difficult, in aggregate, for employers to make a profit.
Another key theme of the book is the unreliability of financial for representing an accurate – or indeed meaningful – indication of general shifts in purchasing power of currencies over time. In particular, he criticized the justification of Britain's return to the in 1925 at pre-war valuation by reference to the. He argued that the index understated the effects of changes in the costs of services and labor.Keynes was deeply critical of the British government's austerity measures during the. He believed that budget deficits during were a good thing and a natural product of an economic slump.
He wrote, 'For Government borrowing of one kind or another is nature's remedy, so to speak, for preventing business losses from being, in so severe a slump as the present one, so great as to bring production altogether to a standstill.' At the height of the Great Depression, in 1933, Keynes published The Means to Prosperity, which contained specific policy recommendations for tackling unemployment in a global recession, chiefly counter-cyclical public spending. The Means to Prosperity contains one of the first mentions of the. While it was addressed chiefly to the British Government, it also contained advice for other nations affected by the global recession.
A copy was sent to the newly elected President and other world leaders. The work was taken seriously by both the American and British governments, and according to, helped pave the way for the later acceptance of Keynesian ideas, though it had little immediate practical influence. In the 1933 opinions remained too diverse for a unified course of action to be agreed upon.
External video,Keynesian-like policies were adopted by Sweden and Germany, but Sweden was seen as too small to command much attention, and Keynes was deliberately silent about the as he was dismayed by its imperialist ambitions and its treatment of Jews. Apart from Great Britain, Keynes's attention was primarily focused on the United States. In 1931, he received considerable support for his views on counter-cyclical public spending in Chicago, then America's foremost center for economic views alternative to the mainstream. However, orthodox economic opinion remained generally hostile regarding fiscal intervention to mitigate the, until just before the. In late 1933 Keynes was persuaded by to address President Roosevelt directly, which he did by letters and face to face in 1934, after which the two men spoke highly of each other. However, according to Skidelsky, the consensus is that Keynes's efforts began to have a more than marginal influence on US economic policy only after 1939.Keynes's, was published in 1936.
It was researched and indexed by one of Keynes's favorite students, later the economist. The work served as a theoretical justification for the Keynes favoured for tackling a recession. The General Theory challenged the earlier paradigm, which had held that provided it was unfettered by government interference, the market would naturally establish equilibrium. In doing so Keynes was partly setting himself against his former teachers Marshall and Pigou. Keynes believed the classical theory was a 'special case' that applied only to the particular conditions present in the 19th century, his theory being the general one. Classical economists had believed in, which, simply put, states that ', and that in a free market workers would always be willing to lower their wages to a level where employers could profitably offer them jobs. An innovation from Keynes was the concept of — the recognition that in reality workers often refuse to lower their wage demands even in cases where a classical economist might argue that it is rational for them to do so.
Due in part to price stickiness, it was established that the interaction of ' and ' may lead to stable unemployment equilibria — and in those cases, it is on the state, not the market, that economies must depend for their salvation. Caricature by, 1934The General Theory argues that demand, not supply, is the key variable governing the overall level of economic activity. Aggregate demand, which equals total un-hoarded income in a society, is defined by the sum of consumption and investment.
In a state of unemployment and unused production capacity, one can enhance employment and total income only by first increasing expenditures for either consumption or investment. Without government intervention to increase expenditure, an economy can remain trapped in a low-employment equilibrium. The demonstration of this possibility has been described as the revolutionary formal achievement of the work.The book advocated activist economic policy by government to stimulate demand in times of high unemployment, for example by spending on.
'Let us be up and doing, using our idle resources to increase our wealth,' he wrote in 1928. 'With men and plants unemployed, it is ridiculous to say that we cannot afford these new developments. It is precisely with these plants and these men that we shall afford them.' The General Theory is often viewed as the foundation of modern.
Few senior American economists agreed with Keynes through most of the 1930s.Yet his ideas were soon to achieve widespread acceptance, with eminent American professors such as agreeing with the General Theory before the outbreak of World War II.Keynes himself had only limited participation in the theoretical debates that followed the publication of the General Theory as he suffered a heart attack in 1937, requiring him to take long periods of rest. Among others, and economists have argued that as result, Keynes's ideas were diluted by those keen to compromise with classical economists or to render his concepts with mathematical models like the (which, they argue, distort Keynes's ideas). Keynes began to recover in 1939, but for the rest of his life his professional energies were directed largely towards the practical side of economics: the problems of ensuring optimum allocation of resources for the war efforts, post-war negotiations with America, and the new international financial order that was presented at the.In the General Theory and later, Keynes responded to the socialists who argued, especially during the Great Depression of the 1930s, that capitalism caused war. He argued that if capitalism were managed domestically and internationally (with coordinated international Keynesian policies, an international monetary system that did not pit the interests of countries against one another, and a high degree of freedom of trade), then this system of managed capitalism could promote peace rather than conflict between countries.
Keynes (right) and the US representative at the inaugural meeting of the 's Board of Governors in in 1946During the, Keynes argued in, published in 1940, that the war effort should be largely financed by higher taxation and especially by compulsory saving (essentially workers lending money to the government), rather than, in order to avoid. Compulsory saving would act to dampen domestic demand, assist in channeling additional output towards the war efforts, would be fairer than punitive taxation and would have the advantage of helping to avoid a post-war slump by boosting demand once workers were allowed to withdraw their savings. In September 1941 he was proposed to fill a vacancy in the Court of Directors of the, and subsequently carried out a full term from the following April.
In June 1942, Keynes was rewarded for his service with a in the King's Birthday Honours. On 7 July his title was as ' Baron Keynes, of Tilton, in the County of ' and he took his seat in the on the benches.As the victory began to look certain, Keynes was heavily involved, as leader of the British delegation and chairman of the commission, in the mid-1944 negotiations that established the. The Keynes plan, concerning an international clearing-union, argued for a radical system for the management of currencies. He proposed the creation of a common world unit of currency, the, and new global institutions – a world and the. Keynes envisaged these institutions managing an international trade and payments system with strong incentives for countries to avoid substantial trade deficits or surpluses. The USA's greater negotiating strength, however, meant that the outcomes accorded more closely to the more conservative plans of. According to US economist, on almost every point where he was overruled by the Americans, Keynes was later proved correct by events.The two new institutions, later known as the World Bank and the (IMF), were founded as a compromise that primarily reflected the American vision.
There would be no incentives for states to avoid a large; instead, the burden for correcting a trade imbalance would continue to fall only on the countries, which Keynes had argued were least able to address the problem without inflicting economic hardship on their populations. Yet, Keynes was still pleased when accepting the final agreement, saying that if the institutions stayed true to their founding principles, 'the brotherhood of man will have become more than a phrase.' Postwar After the war, Keynes continued to represent the United Kingdom in international negotiations despite his deteriorating health. He succeeded in obtaining preferential terms from the United States to facilitate the rebuilding of the British economy.Just before his death in 1946, Keynes told Henry Clay, a professor of social economics and advisor to the, of his hopes that 's ' could help Britain out of the economic hole it was in: 'I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago.' Main article:From the end of the Great Depression to the mid-1970s, Keynes provided the main inspiration for economic policymakers in Europe, America and much of the rest of the world. While economists and policymakers had become increasingly won over to Keynes's way of thinking in the mid and late 1930s, it was only after the outbreak of World War II that governments started to borrow money for spending on a scale sufficient to eliminate unemployment.
According to the economist (then a US government official charged with controlling inflation), in the rebound of the economy from wartime spending, 'one could not have had a better demonstration of the Keynesian ideas.' The was associated with the rise of in the West during the post-war period. Keynesian ideas became so popular that some scholars point to Keynes as representing the ideals of modern liberalism, as Adam Smith represented the ideals of. After the war, attempted to check the rise of Keynesian policy-making in the United Kingdom and used rhetoric critical of the in his campaign.
Despite his popularity as a war hero, Churchill suffered a landslide defeat to whose government's economic policy continued to be influenced by Keynes's ideas. Neo-Keynesian economics. Is used to analyse the effect of on the economyIn the late 1930s and 1940s, economists (notably, and ) attempted to interpret and formalise Keynes's writings in terms of formal. In what had become known as the, they combined Keynesian analysis with to produce, which came to dominate for the next 40 years.By the 1950s, Keynesian policies were adopted by almost the entire developed world and similar measures for a were used by many developing nations.
By then, Keynes's views on the economy had become mainstream in the world's universities. Throughout the 1950s and 1960s, the developed and emerging free capitalist economies enjoyed exceptionally high growth and low unemployment. Professor Gordon Fletcher has written that the 1950s and 1960s, when Keynes's influence was at its peak, appear in retrospect as a.In late 1965 magazine ran a cover article with a title comment from (later echoed by U.S. President ), '. The article described the exceptionally favourable economic conditions then prevailing, and reported that 'Washington's economic managers scaled these heights by their adherence to Keynes's central theme: the modern capitalist economy does not automatically work at top efficiency, but can be raised to that level by the intervention and influence of the government.'
The article also states that Keynes was one of the three most important economists who ever lived, and that his was more influential than the magna opera of other famous economists, like 's. Keynesian economics out of favour 1979–2007. Main article:Keynesian economics were officially discarded by the British Government in 1979, but forces had begun to gather against Keynes's ideas over 30 years earlier. Had formed the in 1947, with the explicit intention of nurturing intellectual currents to one day displace Keynesianism and other similar influences.
Its members included the economist along with the then young Milton Friedman. Initially the society had little impact on the wider world – according to Hayek it was as if Keynes had been raised to sainthood after his death and that people refused to allow his work to be questioned.Friedman however began to emerge as a formidable critic of Keynesian economics from the mid-1950s, and especially after his 1963 publication of.On the practical side of economic life, ' had appeared to be firmly entrenched in the 1950s, but the balance began to shift towards the power of private interests in the 1960s. Keynes had written against the folly of allowing 'decadent and selfish' speculators and financiers the kind of influence they had enjoyed after World War I. For two decades after World War II the public opinion was strongly against private speculators, the disparaging label ' being typical of how they were described during this period. International speculation was severely restricted by the capital controls in place after Bretton Woods. According to the journalists and, 1968 was the pivotal year when power shifted in favour of private agents such as currency speculators. As the key 1968 event Elliott and Atkinson picked out America's suspension of the conversion of the dollar into gold except on request of foreign governments, which they identified as the beginning of the breakdown of the Bretton Woods system.Criticisms of Keynes's ideas had begun to gain significant acceptance by the early 1970s, as they were then able to make a credible case that Keynesian models no longer reflected economic reality.
Keynes himself included few formulas and no explicit mathematical models in his General Theory. For economists such as, Keynes's limited use of mathematics was partly the result of his scepticism about whether phenomena as inherently uncertain as economic activity could ever be adequately captured by mathematical models. Nevertheless, many models were developed by Keynesian economists, with a famous example being the which predicted an inverse relationship between unemployment and inflation. It implied that unemployment could be reduced by government stimulus with a calculable cost to inflation.
In 1968, Milton Friedman published a paper arguing that the fixed relationship implied by the Philips curve did not exist.Friedman suggested that sustained Keynesian policies could lead to both unemployment and inflation rising at once – a phenomenon that soon became known as. In the early 1970s stagflation appeared in both the US and Britain just as Friedman had predicted, with economic conditions deteriorating further after the. Aided by the prestige gained from his successful forecast, Friedman led increasingly successful criticisms against the Keynesian consensus, convincing not only academics and politicians but also much of the general public with his radio and television broadcasts. The academic credibility of Keynesian economics was further undermined by additional criticism from other trained in the, by the and by criticisms from Hayek's Austrian School. So successful were these criticisms that by 1980 claimed economists would often take offence if described as Keynesians.Keynesian principles fared increasingly poorly on the practical side of economics – by 1979 they had been displaced by monetarism as the primary influence on Anglo-American economic policy.
However, many officials on both sides of the Atlantic retained a preference for Keynes, and in 1984 the officially discarded monetarism, after which Keynesian principles made a partial comeback as an influence on policy making.Not all academics accepted the criticism against Keynes – Minsky has argued that Keynesian economics had been debased by excessive mixing with neoclassical ideas from the 1950s, and that it was unfortunate that this branch of economics had even continued to be called 'Keynesian'. The economist, the then prime minister of India, spoke strongly in favour of Keynesian at the.The global led to public skepticism about the free market consensus even from some on the economic right. In March 2008, chief economics commentator at the Financial Times, announced the death of the dream of global free-market capitalism. Painter (left) with Keynes Relationships Keynes's early romantic and sexual relationships were exclusively with men. Keynes had been in relationships while at Eton and Cambridge; significant among these early partners were and Daniel Macmillan. Keynes was open about his affairs, and from 1901 to 1915 kept separate diaries in which he tabulated his many sexual encounters. Keynes's relationship and later close friendship with Macmillan was to be fortunate, as first published his tract Economic Consequences of the Peace.Attitudes in the, in which Keynes was avidly involved, were relaxed about homosexuality.
Keynes, together with writer, had reshaped the attitudes of the: 'since their time, homosexual relations among the members were for a time common', wrote. The artist, whom he met in 1908, was one of Keynes's great loves. Keynes was also involved with Lytton Strachey, though they were for the most part love rivals, not lovers. Keynes had won the affections of, and as with Grant, fell out with a jealous Strachey for it.
Strachey had previously found himself put off by Keynes, not least because of his manner of 'treating his love affairs statistically'.Political opponents have used Keynes's sexuality to attack his academic work. One line of attack held that he was uninterested in the long term ramifications of his theories because he had no children.Keynes's friends in the Bloomsbury Group were initially surprised when, in his later years, he began pursuing affairs with women, demonstrating himself to be. (who would later marry ) was an early heterosexual interest of Keynes. In 1906, Keynes had written of this infatuation that, 'I seem to have fallen in love with Ray a little bit, but as she isn't male I haven't been able to think of any suitable steps to take.' Marriage.
And Keynes in the 1920sIn 1921, Keynes wrote that he had fallen 'very much in love' with, a well-known Russian and one of the stars of 's. In the early years of his courtship, he maintained an affair with a younger man, in tandem with Lopokova, but eventually chose Lopokova exclusively. They were married in 1925, with Keynes's former lover as best man. 'What a marriage of beauty and brains, the fair Lopokova and John Maynard Keynes' was said at the time. Keynes later commented to Strachey that beauty and intelligence were rarely found in the same person, and that only in Duncan Grant had he found the combination. The union was happy, with biographer Peter Clarke writing that the marriage gave Keynes 'a new focus, a new emotional stability and a sheer delight of which he never wearied'.Lydia became pregnant in 1927 but miscarried.Among Keynes's Bloomsbury friends, Lopokova was, at least initially, subjected to criticism for her manners, mode of conversation, and supposedly humble social origins – the last of the ostensible causes being particularly noted in the letters of and,. In her novel (1925), Woolf bases the character of Rezia Warren Smith on Lopokova.
Would later write in contrition about 'Lydia Keynes, every whose word should be recorded': 'How we all used to underestimate her'. Blue plaque, 46 Gordon Square Support for the arts Keynes thought that the pursuit of money for its own sake was a pathological condition, and that the proper aim of work is to provide leisure. He wanted shorter working hours and longer holidays for all.Keynes was interested in literature in general and drama in particular and supported the financially, which allowed the institution to become one of the major British stages outside London.Keynes's interest in classical opera and dance led him to support the at and the Ballet Company at. During, as a member of CEMA (Council for the Encouragement of Music and the Arts), Keynes helped secure government funds to maintain both companies while their venues were shut. Following the war, Keynes was instrumental in establishing the and was its founding chairman in 1946. From the start, the two organisations that received the largest grants from the new body were the Royal Opera House and Sadler's Wells.Like several other notable British authors of his time, Keynes was a member of the. 's biographer tells an anecdote of how Virginia Woolf, Keynes, and discussed religion at a dinner party, in the context of their struggle against morality.Keynes may have been, but according to Cambridge University he was clearly an agnostic, which he remained until his death.
According to one biographer, 'he was never able to take religion seriously, regarding it as a strange aberration of the human mind.' Investments Keynes was ultimately a successful investor, building up a private fortune. His assets were nearly wiped out following the, which he did not foresee, but he soon recouped. At Keynes's death, in 1946, his net worth stood just short of £500,000 – equivalent to about £20.5 million ($27.1 million) in 2018.
The sum had been amassed despite lavish support for various good causes and his ethic which made him reluctant to sell on a falling market, in cases where he saw such behaviour as likely to deepen a slump.Keynes built up a substantial collection of fine art, including works by, and (some of which can now be seen at the ). He enjoyed collecting books; he collected and protected many of 's papers. In part on the basis of these papers, Keynes wrote of Newton as 'the last of the magicians.' Keynes successfully managed the endowment of, with the active component of his portfolio outperforming a British equity index by an average of 8% a year over a quarter century, earning him favourable mention by later investors such as. Political causes Keynes was a lifelong member of the, which until the 1920s had been one of the two main political parties in the United Kingdom, and as late as 1916 had often been the dominant power in government.
Keynes had helped campaign for the Liberals at elections from about 1906, yet he always refused to run for office himself, despite being asked to do so on three separate occasions in 1920. From 1926, when Lloyd George became leader of the Liberals, Keynes took a major role in defining the party's economic policy, but by then the Liberals had been displaced into third party status by the.In 1939 Keynes had the option to enter Parliament as an independent MP with the. A by-election for the seat was to be held due to the illness of an elderly, and the master of had obtained agreement that none of the major parties would field a candidate if Keynes chose to stand. Keynes declined the invitation as he felt he would wield greater influence on events if he remained a free agent.Keynes was a proponent of. He served as director of the from 1937 to 1944. As late as 1946, shortly before his death, Keynes declared eugenics to be 'the most important, significant and, I would add, genuine branch of sociology which exists.'
Keynes once remarked that 'the youth had no religion save and this was worse than nothing.' 'was founded upon nothing better than a misunderstanding of ', and, given time, he (Keynes) 'would deal thoroughly with the Marxists' and other economists to solve the economic problems their theories 'threaten to cause'.In 1931 Keynes had the following to say on Marxism:How can I accept the Communist doctrine, which sets up as its bible, above and beyond criticism, an which I know not only to be scientifically erroneous but without interest or application to the modern world?
How can I adopt a creed which, preferring the mud to the fish, exalts the boorish above the and the, who with all their faults, are the quality of life and surely carry the seeds of all human achievement? Even if we need a religion, how can we find it in the turbid rubbish of the red bookshop? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values.Keynes was a firm supporter of and in 1932 became vice-chairman of the which provided education. He also campaigned against job discrimination against women and unequal pay. He was an outspoken campaigner for reform of the.
Tilton House, 2017Throughout his life, Keynes worked energetically for the benefit both of the public and his friends; even when his health was poor, he laboured to sort out the finances of his old college. Helping to set up the, he worked to institute an that would be beneficial for the. In 1946, Keynes suffered a series of, which ultimately proved fatal. They began during negotiations for the in, where he was trying to secure favourable terms for the United Kingdom from the United States, a process he described as 'absolute hell'. A few weeks after returning from the United States, Keynes died of a heart attack at Tilton, his farmhouse home near, England, on 21 April 1946, at the age of 62.
Against his wishes (he wanted for his ashes to be deposited in the crypt at King's), his ashes were scattered on the Downs above Tilton.Both of Keynes's parents outlived him: his father (1852–1949) by three years, and his mother (1861–1958) by twelve. Keynes's brother Sir (1887–1982) was a distinguished surgeon, scholar, and bibliophile. His nephews include (1919–2010), a physiologist, and (1921–2003), an adventurer and bibliophile.
Keynes had no children; his widow, died in 1981.Arms Coat of arms of John Maynard Keynes. 1913.
1915 The Economics of War in Germany (EJ). 1919. 1921. 1922 The Inflation of Currency as a Method of Taxation (MGCRE). 1922.
1923 A Tract on Monetary Reform. 1925 Am I a Liberal? (N&A). 1926 The End of Laissez-Faire. 1926 Laissez-Faire and Communism. 1930. 1930 Economic Possibilities for our Grandchildren.
1931 The End of the Gold Standard (Sunday Express). 1931. 1931. 1933. 1933 An Open Letter to President Roosevelt (New York Times). 1933 Essays in Biography.
1936. 1937. 1940. 1949 Two Memoirs. By David Garnett (On and.)See also.