The almanac

UPI Almanac for Wednesday, June 5, 2013.
By United Press International

Niall Ferguson: Keynes' remark 'doubly stupid'

CAMBRIDGE, Mass., May 4 (UPI) -- Historian Niall Ferguson says he was "doubly stupid" for suggesting British economist John Maynard Keynes did not care about the future because he was gay.

The bad math that lost jobs

PARIS, April 22 (UPI) -- Back in the 1920s, an Austrian newspaper won the title for headline of the decade with a front-page story that read, "Archduke Franz Ferdinand Found Alive; Great War Fought By Mistake."
MARTIN WALKER, UPI Editor Emeritus

Govt. says Japan in deflation

TOKYO, Nov. 20 (UPI) -- Japan, hit by falling prices, is faced with a deflationary situation despite recent signs of recovery, the government said Friday.
China slows growth in foreign reserves

China slows growth in foreign reserves

BEIJING, April 13 (UPI) -- The Central Bank of China said the Chinese government sharply slowed its purchases of foreign bonds in January and February, but picked up the pace in March.
Brown bending his own fiscal rules

Brown bending his own fiscal rules

LONDON, Oct. 29 (UPI) -- The recession means Britain needs to break the rules of fiscal prudence he set as chancellor of the exchequer, Prime Minister Gordon Brown said Wednesday.

Some experts say deficit worries can wait

WASHINGTON, Oct. 17 (UPI) -- Worries about the federal deficit can wait until the U.S. economy perks up again, several economic analysts said.

Bank turns to counselors after collapse

NEW YORK, March 19 (UPI) -- Investment bank Bear Stearns has hired professional counselors to help its Wall Street employees weather the storm of the bank's collapse.

Divergent species compete in same ways

SANTA CRUZ, Calif., Oct. 4 (UPI) -- U.S. and French researchers have determined the behavioral strategies of European and North American lizards are identical.

Milton Friedman, economist, dead at 94

SAN FRANCISCO, Nov. 16 (UPI) -- Milton Friedman, a Nobel laureate and one of the most influential economists of the 20th century, died Thursday in California at the age of 94.

John Kenneth Galbraith dead at 97

CAMBRIDGE, Mass., May 1 (UPI) -- John Kenneth Galbraith, a noted U.S. economist who introduced price controls as a part of Franklin Roosevelt's administration, has died.

John Maynard Keynes, 1st Baron Keynes, CB (pronounced /ˈkeɪnz/) (5 June 1883 – 21 April 1946) was a British economist whose ideas have been a central influence on modern macroeconomics, both in theory and practice. He advocated interventionist government policy, by which governments would use fiscal and monetary measures to mitigate the adverse effects of business cycles, economic recessions, and depressions. His ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots.

In the 1930s, Keynes spearheaded a revolution in economic thinking, overturning the older ideas of neoclassical economics that held that free markets would automatically provide full employment as long as workers were flexible in their wage demands. Following the outbreak of World War II Keynes's ideas concerning economic policy were adopted by leading Western economies. During the 1950s and 1960s, the success of Keynesian economics was so resounding that almost all capitalist governments adopted its policy recommendations.

Keynes's influence waned in the 1970s, partly as a result of problems that began to afflict the Anglo-American economies from the start of the decade, and partly due to critiques from Milton Friedman and other economists who were pessimistic about the ability of governments to regulate the business cycle with fiscal policy. However, the advent of the global financial crisis in 2007 has caused a resurgence in Keynesian thought. Keynesian economics has provided the theoretical underpinning for the plans of President Barack Obama, Prime Minister Gordon Brown and other global leaders to ease the recession.

This article is licensed under the GNU Free Documentation License.
It uses material from the Wikipedia article "John Maynard."
Most Popular
Led Zeppelin loses first round in 'Stairway to Heaven' plagiarism lawsuit Led Zeppelin loses first round in 'Stairway to Heaven' plagiarism lawsuit
Tesla could face sales ban in Michigan Tesla could face sales ban in Michigan
Reports claim Ukraine used cluster bombs in Donetsk city Reports claim Ukraine used cluster bombs in Donetsk city
Marijuana decriminalized in Philadelphia Marijuana decriminalized in Philadelphia
Ricki Lake, husband Christian Evans reportedly split Ricki Lake, husband Christian Evans reportedly split