* Background and Education
John Maynard Keynes was an English economist. He was born in Cambridge England, to an upper-middle-class family. His father, John Neville Keynes, was an economist and a lecturer in moral science at the University of Cambridge, and his mother Florence Ada Keynes a local social reformer. Keynes was the firstborn and was followed by two more children-Magaret Neville Keynes in1885and Geoffrey Keynes in 1887. Geoffrey becomes a surgeon and Margaret married a Nobel Prize-winning psychologist Archibald Hill.
Keynes’s parent was loving and attentive. They remained in the same house throughout their lives, where the children were always welcome to return. Keynes would receive considerable support from his father, including expert coaching to help him pass his scholarship exams and financial help as a young man, and when his assets were nearly wiped out at the onset of the Great depression in 1929, Keynes mother made her children interest her own. In in1897, Keynes won scholarships to Eton College, where he displayed talent in a wide range of subjects particularly mathematics, classics, and history, despite his middle-class background, Keynes mixed easily with upper-class pupils.
In 1902 Keynes left for Eton College, Cambridge, after receiving a scholarship for this also to read mathematics, Alfred Marshall begged Keynes to become an Economist, although Keynes own inclination drew him to philosophy, Keynes joined the Pitt Club and was an active member of the semi -secretive Cambridge apostle society, a debating club largely reserved for brightest students. like many members, Keynes retained a bond to the club after graduating and continued to attend occasionally meeting throughout his life. Before leaving Cambridge, Keynes became the president of the Cambridge Union Society and Cambridge University liberal club.
After earning a B.A.in 1905 and M.A in 1909, Keynes became a civil servant, taking a job with the India office in white hall. He enjoyed his work at first but by 1908 he became bored and resigned from his position to return to Cambridge and work on probability theory, at first privately funded by two dons at the university, his father and the economist Arthur Pigou.
In 1904, he received a first-class BA. Aside from a few months spent on holidays with family and friends, Keynes continued to involve himself with the university over the next two years. He took part in debates, further studied philosophy, and attended economics lectures informally as a graduate student for one term, which constituted his only formal education in the subject. He took civil service exams in 1906.
By 1909 Keynes had published his first professional economics article in the Economic journal about the effect of a recent global economic downturn in India. He founded the Political Economy Club, a weekly discussion group. Also in 1909, Keynes accepted a lectureship in economics funded personally by Alfred Marshall. Keynes’s earnings rose further as he began to take on pupils for private tuition.
In 1911 Keynes was made the Editor of the Economic Journal. By 1913 he had published his first book, Indian currency, and finance. He was then appointed to the Royal Commission on Indian Currency and finance. The same topic as his book where Keynes showed considerable talent at applying economic theory to practical problems. His written work was published under the name “J M Keynes “, although to his family and friends he was known as Maynard. (His father John Neville Keynes, was also always known by his middle name ).
In 1946, Keynes suffered a series of heart attacks, which ultimately proved fatal. They began during negotiations for the Anglo-American loan in Savannah, Georgia, where he was trying to secure favorable terms for the United Kingdom from the United States, a process he described as “absolute hell”.A few weeks after returning from the United States, Keynes died of a heart attack at Tilton, his farmhouse home near Firle, East Sussex, England on 21 April 1946, at the age of 62.
The theories of Keynes to economics include the Theory of employment, Theory of inflation, Theory of money, Keynes liquidity preference theory of interest rate determination