John Maynard Keynes

John Maynard Keynes is doubtlessly one the most important figures in the entire history of economics. He revolutionized economics with his classic book, The General Theory of Employment, Interest and Money (1936). This is generally regarded as probably the most influential social science treatise of the 20th Century, in that it quickly and permanently changed the way the world looked at the economy and the role of government in society. No other single book, before or since, has had quite such an impact.

Keynes disagreed with both the labor market analysis and the goods market analysis of the classicists. He argued that changes in money wage rates do not result in corresponding changes in real wages because of their impact on the incomes and, therefore, on the expenditures of wage earners. Lower money wages, he argued, would force lower demand for goods and services and therefore lower their prices. Real wages would be unchanged.

These are some of the quotes by John Maynard Keynes. A study of the history of opinion is a necessary preliminary to the emancipation of the mind. Americans are apt to be unduly interested in discovering what average opinion believes average opinion to be. Capitalism is the astounding belief that the wickedest of men will do the most wickedest of things for the greatest good of everyone.

I think that Keynes was a very brilliant man. Keynes was one of the most influential economists of the twentieth century, and one of only a handful of social scientists that, through their writings, have significantly affected the course of history. His influence on economics was so great that the boom the Western industrial countries experienced between 1945 and 1975 has been termed the "Age of Keynes."

The thoughts that he had, the government is using in the modern day. So his theories are being put to action in the modern day world today.