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John Maynard Keynes believed that the products of surplus countries should be taxed to avoid trade imbalances. [ 71 ] At the beginning of his career, Keynes was an economist close to Alfred Marshall , deeply convinced of the benefits of free trade.
Vol. 1. Hopes Betrayed 1833-1920 (1983) focuses on Keynes's early life, education, and his emergence as a public intellectual during World War I.Vol. 2. The Economist as Saviour, 1920-37 (1992) covers Keynes's contributions to economics, his involvement in international affairs, and his rise to a prominent economist.
The General Theory of Employment, Interest and Money is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, [1] giving macroeconomics a central place in economic theory and contributing much of its terminology [2] – the "Keynesian Revolution".
The series explores the lives of John Maynard Keynes, Friedrich Hayek, and Karl Marx, and their influence on modern economics. Keynes is known for Keynesian economics and as an early pioneer of macroeconomics, Hayek is part of the Austrian School of economics, and Marx is known for communism and the theories that are collectively called Marxism.
John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions , he noticed the tendency for people and businesses to hoard cash and avoid investment during a ...
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John Maynard Keynes believed that the products of surplus countries should be taxed to avoid trade imbalances. [95] Thus he no longer believes in the theory of comparative advantage (on which free trade is based) which states that the trade deficit does not matter, since trade is mutually beneficial.