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John Maynard Keynes1883-1946 John Maynard Keynes is unquestionably the major figure in twentieth- century economics His reputation goes above his most recognized work the General Theory of Employment Interest and Money 1936 which initiated the Keynesian Revolution but also on his other writings specially with A Treatise on Probability 1921 and A Treatise on Money 1930 He was an economist statesman a journalist art collector bibliophile and patron of the arts He criticized the peace treaty of Versailles 1919 with Germany in The Economic Consequences of the Peace 1919 That made him famous overnight and effectively damaged public support for the treaty During the crises of the 1920s he identified conservative economic policies as the cause of Britains economic problems From this point on he developed a new theory of income determination The unemployment crises inspired his two great works A Treatise on Money 1930 and the revolutionary General Theory of Employment Interest and Money 1936 He argued that full employment was not an automatic condition also he explained a new theory of the rate of interest and set out the principles of flows on income and expenditure Keynes showed that unemployment was due to a shortage in the demand for goods and services Governments could by adjusting their own spending overcome that deficiency The aggravation of unemployment could be eliminated through tolerant monetary and fiscal policies As well giving influential advice to the British Treasury Keyness views on a planned economy influenced Roosevelts New Deal administration He also played a central role in the Bretton Woods Conference of 1944 which created the International Monetary Fund and the International Bank for Reconstruction and Development His influence on economics was such that the thirty-year boom in Western industrial countries 1945-75 has been called the Age of Keynes
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