John maynard Keynes
British economist
Governments should spend their way out of depression
Borrow money to be repaid after economy recovers
Deficit Financing
Profjects should be of value to the country
went against Adam Smith's theories
USA, Japan and hitler's Germany all use this with success.
Governments should spend their way out of depression
Borrow money to be repaid after economy recovers
Deficit Financing
Profjects should be of value to the country
went against Adam Smith's theories
USA, Japan and hitler's Germany all use this with success.
The difficulty lies not so much in developing new ideas as in escaping from old ones.
John Maynard Keynes
John Maynard Keynes (1883-1946) was a student of Alfred Marshall at Cambridge University and later served as a Cambridge don himself. He was intimately involved in public policy in Britain, serving in various capacities within the Civil Service, including a position in the Treasury (1915-1919). Even when Keynes returned to academia as a professor, he continued to combine the "life of the mind" with an active role in public policy debates, consulting for the British government, and writing popular pieces for the British press. Indeed, Keynes was one of the key figures involved in the Bretton Woods Conference (1944 in New Hampshire) where influential political and intellectual figures from both sides of the Atlantic came together to rethink international monetary and, more generally, economic policies. The International Monetary Fund and the Bank for Reconstruction and Development were among the institutions to arise out of the rethinking that took place at Bretton Woods.