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Economics - Essay Example

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Management economics Name of of professor Date Management economics Personality of John Maynard Keynes John Maynard Keynes is considered one of the most influential economists of the 20th century. British by birth (1883-1946), the economist achieved maximum fame during the first few years of 1900s due to “his revolutionary theories on the causes of unemployment and recession” (“John Maynard Keynes”)…
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Download file to see previous pages He displayed both mathematical dexterity and wide literary grace. As a good economist, Keynes took keen interest in statistical methods of solving economic problems and maintained strong vigilance on the activities that took place in the economy. He mastered the way of observing the particular details that occurred in an economy and then used these details to develop general economic theories. As a person, Keynes demonstrated a dazzling intellect and an arrogance which, to some appeared to be the result of dismissive elitism of the Victorian era. Three elements guided the thoughts and writings of Keynes. These three elements were his presumptuous egotism, his strong identification with the elite class to which he was born and his despise for the values held by the bourgeoisie class (Rothbard, “Keynes, the Man”). Keynes overweening egotism allowed him to get the confidence that he was capable of handling the intellectual problems that arose during the contemporary period and solving them with precision. He scorned at the general principles that went against his ego. This man strongly believed that he was destined to become the leader of the ruling elite class of Great Britain. Keynes dealt with the issues that arose in Britain with a sense of perceived self confidence. He occupied a “position of power and dominance” (Rothbard, “Keynes, the Man”). Besides, the deep hatred of the values held in the bourgeoisie way of leading life made Keynes rebel against the institutions and establishments of family life, that supported the notions of savings and prudence. He led the life that was characterized by “social intellectual rebellion” (Rothbard, “Keynes, the Man”), the life of an aesthete and a bohemian. Major contributions in the field of economics Keynes’s elucidated the causes of rampant unemployment that affected major economies around the world. In most of the countries, unemployment rates soared high and all efforts to reduce inflation rate failed to bring the desired result. Keynes was able to realize the looming shadow of depression that was going to envelop the world economy and argued that monetary policies would not be sufficient enough to combat the effects of depression (Snowdon and Vane 34). He suggested the policy measures, which would help in increasing the aggregate demand and reduce unemployment. Despite the optimism of the time during his youth, Keynes intellectual career started with his thoughts about recession that was about to hit the world economy after a period of economic boom. The Great Depression actually arrived in the mid 1930s, towards the end of Keynes life span. During his life, Keynes had made significant efforts “to make sense of the disruptions and crises that began with the First World War and continued through the Great Depression” (“John Maynard Keynes”). His theories made profound impact in the macroeconomic field of study. Microeconomics Micro economics deals with the theories of demand and supply in the market at the firm level. According to most economic thoughts, there is a departure between micro and macro points of view of the world and the market. There is a distinction between the way in which the ...Download file to see next pagesRead More
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