Keynes’ Life
Where was John Maynard Keynes Born?
What is Cambridge,England
What is the name of Keynes' most famous economic theory?
Keynesian economics.
What is the full title of Keynes' most famous book?
The General Theory of Employment, Interest, and Money.
What type of economic policy is based on Keynes' ideas?
Fiscal policy.
Which classical economist's ideas did Keynes challenge?
Adam Smith.
Which university did Keynes attend?
What is the University of Cambridge.
What is the core principle of Keynesian economics?
Governments should intervene in the economy during recessions by increasing spending and cutting taxes to boost demand.
When was The General Theory published?
1936
What global organization did Keynes help establish after World War II?
The International Monetary Fund (IMF).
What is one major difference between Keynesian economics and classical economics?
Classical economics assumes markets self-correct, while Keynesian economics emphasizes government intervention.
What was Keynes' profession before becoming an economist?
He was a civil servant in the India Office.
What does Keynes say about saving too much money?
Excessive saving can harm the economy by reducing demand and slowing growth.
What major economic problem did Keynes address in The General Theory?
Unemployment and how to manage it.
Which major U.S. policy during the Great Depression reflected Keynesian ideas?
The New Deal.
Which 20th-century economist was a major critic of Keynes' ideas?
Milton Friedman.
During which global event did Keynes gain prominence for his economic ideas?
World War I.
What term did Keynes use to describe irrational investor behavior?
“Animal Spirits”
According to Keynes, what causes prolonged unemployment?
Insufficient demand in the economy.
How did Keynes influence post-World War II economic policies?
His ideas shaped policies for rebuilding Europe, like the Marshall Plan.
How does Keynesian economics differ from supply-side economics?
Keynesian focuses on boosting demand, while supply-side emphasizes reducing taxes and regulations to stimulate production.
What was the name of Keynes' wife?
Lydia Lopokova, a Russian ballerina.
What is the Keynesian multiplier effect?
It is the idea that an increase in spending leads to an even larger increase in national income and economic activity.
How did Keynes challenge classical economics in The General Theory?
He argued that markets do not always self-correct and that active government intervention is sometimes necessary.
What is the name of the economic conference where Keynes represented Britain after WWII?
The Bretton Woods Conference.
Which Austrian economist opposed Keynes' theories on government intervention?
Friedrich Hayek.