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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.
The driving force was the economic crisis of the Great Depression and the 1936 publication of The General Theory of Employment, Interest and Money by John Maynard Keynes, which was then reworked into a neoclassical framework by John Hicks, particularly the IS/LM model of 1936/37.
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".
John Maynard Keynes was born in Cambridge, England, in June 1883 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.
The quarter of the labor force that was unemployed constituted a supply of labor for which the demand predicted by Say's law did not exist. John Maynard Keynes argued in 1936 that Say's law is simply not true, and that demand, rather than supply, is the key variable that determines the overall level of economic activity.
In a 1930 essay titled “Economic Possibilities for Our Grandchildren,” the economist John Maynard Keynes predicted that his grandchildren’s generation would be working 15-hour weeks because ...
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 ...
One of the great mysteries of the Internet -- right after Hitler or cats (or Hitler cats) -- is why the Internet hates John Maynard Keynes so much. When Foolish fund manager Bill Mann innocently ...