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

The almanac

UPI Almanac for Tuesday, Nov. 6, 2012.
By United Press International

False choices

ZURICH, Switzerland, July 2 (UPI) -- The current European and increasingly global debate whether to focus on a strategy of austerity or of growth is a horrible choice. It is also a false one.
MARTIN WALKER, UPI Editor Emeritus

The almanac

UPI Almanac for Tuesday, June 5, 2012.
By United Press International

The almanac

UPI Almanac for Sunday, Nov. 6, 2011.
By United Press International

A double-dip recession?

PARIS, July 6 (UPI) -- Two dead economists are leading the way to a double-dip recession.
MARTIN WALKER, UPI Editor Emeritus

Our two dead rulers

BERLIN, Jan. 14 (UPI) -- Two dead economists are the lodestars of recovery from the economic crisis, but are their views compatible?
MARTIN WALKER, UPI Editor Emeritus

Why world trade stalled

AMSTERDAM, Netherlands, July 29 (UPI) -- The world trade talks collapsed when China decided to back India's rejection of a compromise that could have made the world $200 billion a year better off.
MARTIN WALKER, UPI Editor Emeritus

The almanac

UPI Almanac for Thursday, June 5, 2008.
By United Press International

Fearing the unknown

WASHINGTON, March 5 (UPI) -- The most dangerous feature of the subprime crisis is that nobody knows how big the losses could be.
MARTIN WALKER, UPI Editor Emeritus

The almanac

UPI Almanac for Tuesday, Nov. 6, 2007.
By United Press International

The Almanac

UPI almanac for Tuesday, June 5, 2007.
By United Press International

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.
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John Maynard Keynes, 1st Baron Keynes CB FBA ( /ˈkeɪnz/ kaynz; 5 June 1883 – 21 April 1946), was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments. He greatly refined earlier work on the causes of business cycles, and advocated the use of fiscal and monetary measures to mitigate the adverse effects of economic recessions and depressions. His ideas are the basis for the school of thought known as Keynesian economics, as well as 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 in the short to medium term automatically provide full employment, as long as workers were flexible in their wage demands. Keynes instead argued that aggregate demand determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment. 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 resulted in almost all capitalist governments adopting its policy recommendations, promoting the cause of social liberalism.

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 because of 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 economic policies undertaken in response to the crisis by Presidents George W. Bush and Barack Obama of the United States, Prime Minister Gordon Brown of the United Kingdom, and other global leaders.

This article is licensed under the GNU Free Documentation License.
It uses material from the Wikipedia article "John Maynard Keynes."
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