Biography
Education
John Maynard Keynes was a boy of John Neville Keynes, an economics lecturer at Cambridge University, and Florence Ada Brown, the successful creator & a social meliorist. Keynes enjoyed an elect early education at Eton, where he displayed talent around about each field of his remarkably wide-ranging interests. His abilities were remarkable for their sheer diversity. He entered King’s College, Cambridge to study mathematics, but his interest within politics led him towards a field of economics, which he studied at Cambridge under A.C. Pigou and Alfred Marshall.

Career
In a interest of locating occasionally source of income, Keynes postponed writing his thesis for Cambridge, & instead took the civil service examinations, where he set 2nd. Oddly plenty, he had his worst grade in the political economy part, to which he remarked, “The examiners presumptively knew to a lesser degree We did.� a virtually all worthy opening in a British Treasury existence taken per human world health organization come 1st, Keynes accepted a job in the India Professional, the demands of which he claims were and so moo that he divided his instance between reading the newspaper & getting au courant household correspondence.

Likewise in a period of this instance, he worked in his thesis, which was—to his annoyance—non accepted once he submitted it, meaning as well that the attendant womb-to-tomb fellowship to Cambridge was not granted either. Instead, he accepted the lectureship within economic science funded personally by Alfred Marshall, from either which position he began to build his reputation as an economic expert. Presently he was appointed to the Royal Commissiin on Indian Currency & Finance, the position from either which he may indicate his considerable talent at using economic theory to practical problems.

Getting demonstrated such an aptitude, particularly by having regards to currency & credit, his services were known as in fallowing a irruption of the 1st Globe War. He worked for the Consultant to the Chancellor of the Treasury & to the Treasury in Financial & Economic Questions. Among his responsibilities were a project of terms of credit between Britain & its continental allies in a period of a war, & the acquisition of scarcely currencies.

At this latter endeavor Keynes’ “nerve & mastery became legendary,� in a words of Robert Lekachman, when in the instance in which he managed to put together—with difficulty—a microscopic supply of Spanish spanish peseta & sold the babies entirely to break the market: it worked, & spanish peseta became very much less hardly & expensive. These accomplishments led at length to the appointment that would have a brobdingnagian outcome in Keynes’ life & career: fiscal representative for the Treasury to the 1919 Paris Peace Conference.

Keynes' career lifted off as an advisor to the British finance department from 1915–1919 during World War I, and their representative at a Versailles peace conference in 1919. A visit ensuant in the publication of The Economic Consequences of the Peace the same year followed by A Revision of the Treaty in 1922 earned him public prominence. A works argued that a reparations which Germany was forced to pay to the victors in the war were too large & would lead to the ruin of the German economy. These predictions were arguably support once a German economy collapsed in the hyperinflation of 1923, with lone the little total of reparations ever existence paid.

Keynes published his Treatise on Probability in 1920, a notable contribution to the philosophic & mathematical underpinnings of probability theory. He attacked a deflation policies of the Twenties by using A Tract on Monetary Reform in 1923, a trenchant argument that countries should target stability of household numbers & proposing flexible rate of exchange. A Treatise on Money 1930 (2 volumes) profits placed retired his Wicksellian theory of the credit cycle.

His magnum opus, The General Theory of Employment, Interest and Money challenged the economic paradigm when published in 1936. In that book Keynes put send on a theory depending upon the notion of aggregate demand to explain variations in the overall level of economic activity, like were found in the Great Depression. the aggregate income inside the society is defined per total of consumption & investment; & around a state of unemployment & unused production capacity, of these may exclusively enhance employment & amount income by 1st increasing expenditures for even either consumption or investment.

a aggregate amount of saving inside a society is determined per sum income & so, a economy can achieve an increase of total saving, potentially in case a rate of interest were lowered to increase the expenditures for investment. A book advocated activistic economic policy by government to cause require inside days of high unemployment, for example by disbursal in public works. A book is typically deem a foundation of modern macroeconomics and had the profound impact in U.S. president Roosevelt's New Deal.

Around 1942 Keynes was a super recognised economic expert & was raised to the peerage as Baron Keynes of Tilton. When you took World War II, Keynes argued in How to pay for the war that the war effort should exist as largely financed by higher taxation, rather than deficit spending, in order to make sure your not inflation. When Allied triumph began to look certain, Keynes wwhen heavy exposed, as leader of the British delegation & chairperson of the World Bank commission, in the negotiations that established the Bretton Woods system. The Keynes-plan, concerning an international clearing-union argued for a radical models for the management of currencies, involving a globe central bank, the Bancor, responsible for the most common globe unit of currency. A United states's greater negotiating nature and severity, even so, intended that a final results accorded thomas more closely to the less radical plans of Harry Dexter White.

Keynes wrote Essays in Biography and Essays in Persuasion, a previous returning portraits of economic expert & leading light, when the latter presents a bit of of Keynes' tries to influence decision-makers during the Great Depression. Keynes was editor for the Economical Journal from 1912.

Investor
Keynes' brilliant record as an trader is demonstrated per publicly available informatiin of the fund he managed on behalf of King's College, Cambridge.

From either 1928 to 1945, despite taking a massive hit in the period of the Stock Market Crash of 1929, Keynes' fund produced a super hard typical increase of Long dozen.2% equated by owning a general market in the United Kingdom declining by an norm Zero.5% by the annum.

A approach usually adopted by Keynes by owning his investments he summarised accordingly:

1. The careful choice of two or three investments getting regard to their cheapness inside relation to their likely actual & likely intrinsic value over a period of years leading & around relation to guide investments at a instance;

2. The steadfast holding one fairly big units across midst & thin, perchance for even many years, until either it use fulfilled their promise or these are evident that it were purchases in the mistake, &;

3. The balanced investment position, we.e. the kind of risks inside spite of single holdings existence big, & whenever imaginable opposing risks (e.g. the holding of gold shares among other equities, since they are inside all likelihood to move in paired directions while there are general fluctuations).

Keynes argued that "It is a mistake to think one limits one's risks by spreading too much between enterprises about which one knows little and has no reason for special confidence ... One's knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself to put full confidence."

Keynes' advice in speculation, some can say, is dateless:

Once reviewing an crucial early act in stocks investments, Keynes argued that "Well-managed industrial companies do not, as a rule, distribute to the shareholders the whole of their earned profits. In good years, if not in all years, they retain a part of their profits and put them back in the business. Thus there is an element of compound interest operating in favor of a sound industrial investment."

Personal and Marital life
Standing at close to Captain hicks' Sise", Keynes was very tall even by today's standards. In the early part of his life he had homosexual relationships. He had a series of relationships with men during his university days, and a serious relationship with the Bloomsbury painter Duncan Grant from 1908 to 1915. Keynes continued to assist Grant financially for the rest of his life. Keynes met Lydia Lopokova, a well-known Russian ballerina, in October 1918. The two married, and by most accounts, Keynes enjoyed a happy marriage with Lopokova. They were unable to have children for medical reasons.

Keynes was ultimately a successful investor building up a substantial private fortune. He was nearly wiped out following the Stock Market Crash of 1929 but soon recouped his fortunes. He enjoyed collecting books and for example collected and protected during his lifetime many of Isaac Newton's papers. He was interested in literature in general and drama in particular and supported the Cambridge Arts Theatre financially, which allowed the institution to become at least for a while a major British stage outside of London. Keynes died of cardiac infarction, his heart problems being aggravated by the strain of working on post-war international financial problems.

John Neville Keynes (1852 - 1949) outlived his son by three years. Keynes' brother Sir Geoffrey Keynes (1887-1982) was a distinguished surgeon, scholar and bibliophile. His nephews are Richard Keynes (born 1919), a physiologist, and Quentin Keynes (1921-2003) an adventurer and bibliophile.

Influences on Keynes' works
Arthur C. Pigou Alfred Marshall Adam Smith David Ricardo Karl Marx

Keynes' influence
Keynes' theories were so influential, even when disputed, that a subfield of Macroeconomics called Keynesian economics is further developing and discussing his theories and their applications. John Maynard Keynes had several cultural interests and was a central figure in the so-called Bloomsbury group, consisting of prominent artists and authors in Great Britain. His autobiographical essays Two Memoirs appeared in 1949.

Critique
The work 1930 Treatise on Money (2 volumes) was regarded as Keynes's best work by his frequent intellectual opponent, Milton Friedman. Friedman and other monetarists have argued that Keynesian Economists do not pay enough attention to stagflation and other inflationary issues.

Friedrich von Hayek reviewed the Treatise on Money so harshly that Keynes decided to set Piero Sraffa to review (and condemn no less harshly) Hayek's own competing work. The Keynes-Hayek conflict was but one battle in the Cambridge-LSE war. Ludwig von Mises Rational expectations