John Maynard Keynes - Work
Keynes's work was very varied and he wrote on any issues of the day that he felt important. Where he felt strongly he wrote works criticising the policies of the time. He was particularly critical of the amount of money demanded from Germany for war reparations after the First World War and this prompted him to write a pamphlet:
- The economic consequences of the peace (1919)
He was later very critical of Churchill's decision to return to the Gold Standard at the same rate as before the war, and this prompted him to put pen to paper again:
- The economic consequences of Mr Churchill
However, the work he is best known for was his main book published in 1936. It is often considered that this book marked the birth of modern macroeconomics. Though certainly not an easy read (and that may be an understatement!), it has been a best seller and changed the face of not just the academic world of economics, but also the practical world of economic decision making. Many governments since the Second World War (including in the UK and USA) considered themselves to be Keynesian and pursued Keynesian demand-management policies
. It took the stagflation
of the early 1970s to break the Keynesian consensus. The title of this earth-shattering work was:
- The General Theory of Employment, Interest and Money (1936)
For more details on the theories of Keynes follow the link at the bottom of the page.