John Maynard Keynes by Yaya Bernell https://padlet.com/yaya_bernell/7jt072p6oiew An Important Member of the Great Economic Conference en-us 2017-08-29 04:44:08 UTC 2023-06-09 09:34:25 UTC hello@padlet.com Introduction cecilia_li https://padlet.com/yaya_bernell/7jt072p6oiew/wish/183306684 Hello! My name is John Maynard Keynes. I was born June 5th, 1883 as a subject of Queen Victoria in Cambridge, England. In 1905, I earned my degree in Mathematics at King's College, a great experience which I enjoyed very much. I worked for the British Treasury and worked my way up through the Bureaucracy until I became the Treasury's principal representative at the peace conference at Versailles. However, I believed the treaty was too burdensome for the Germans and felt it was not right to support something so unjust, therefore resigning from this position. Later on, he wrote the book The Economic Consequences of the Peace, which was very successful and popular. I also developed many solid economic theories: Keynesian economics being the one I am most famous for.]]> 2017-08-29 04:52:10 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/183306684 Influence on Field of Economics cecilia_li https://padlet.com/yaya_bernell/7jt072p6oiew/wish/183307903 Through my lifetime of studying economics, I’ve developed many theories and compiled them into the book General Theory of Employment, Interest, and Money, published in 1936. People consider my works one of the most influential to modern macroeconomics. My economic theory is called Keynesian economics. My ideas challenged the idea that full employment will naturally come back after a period of downfall. I believe that the saving rates are depended on the society’s consumption rate and investment depends on the expected return. Since the nation’s income is the combination of consumption and investment, I believe that this could turn into an infinite cycle during a economic downfall, when business invest less, jobs are less, consumers spend less and the cycle goes on. So when there’s a period of economic downfall, I think by increasing the investment and consumption rate, it will resolve the unemployment and dropped production rate. During hard times, government also play as an important role. They usually step in and create policies such as public works projects, infrastructure spending, etc. to spark activity. 
(Summarized work by Brad Briggs)]]> 2017-08-29 05:03:37 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/183307903 Citations cecilia_li https://padlet.com/yaya_bernell/7jt072p6oiew/wish/183355050 Briggs, Brad. “John Maynard Keynes: The Man Who Transformed the Economic World.”Investing Answers Building and Protecting Your Wealth through Education Publisher of The Next Banks That Could Fail, Http://Www.investinganswers.com/, 21 Jan. 2010.]]> 2017-08-29 11:50:17 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/183355050 Fame yaya_bernell https://padlet.com/yaya_bernell/7jt072p6oiew/wish/183842507 I am an English economist, journalist and financier who was famous for my economic theories (Keynesian economics) which are basically focused on the causes for prolonged unemployment. My most important work is called The General Theory of Employment, Interest and Money (1935-36) and it basically focuses on his idea of a solution to an economic recession that is based off of the government sponsored policy of full employment. ]]> 2017-08-31 01:12:00 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/183842507 yaya_bernell https://padlet.com/yaya_bernell/7jt072p6oiew/wish/183843296 2017-08-31 01:19:06 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/183843296 Response: David Ricardo max_fu01 https://padlet.com/yaya_bernell/7jt072p6oiew/wish/187448131 Alright - I can see your point in your support for government intervention in the case of a recession.

HOWEVER, I cannot agree with you on this. While it may be beneficial as a last resort effort to consider governmental aid in recessional recovery, you disregard the implications of such a solution.

In the short term, it may appear to hold positive effects, but over the long-run (years and years into the future) such an economy would simply be setting itself up for failure - a repetition of of economic downfall caused by the development of dependence on the government as a savior entity.

This same economy, had it been allowed to pull ITSELF out from a recession, (though it would most likely take significantly longer) would benefit from the sustainability it gains from a self-responsible recovery, and be much more likely to recover at a substantial rate, should a similar event occur down the line.]]> 2017-09-14 07:14:14 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/187448131 Response: Joseph Schumpeter isaact943 https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188130943  
I completely understand your belief that in times of economic downfall, government intervention is needed to stimulate the economy. I believe, instead, that a recession is merely something neccesary to correct a fault in the current economy. Look at it this way. In a recession, unemployment increases, people's spending power decreases. Seems pretty bad dosen't it? However, taken into account that only in this sort of struggle, people become more and more desperate and start becomming more creative to help their situation out. This will lead to more innovation, which in turns leads to a correction in the economy, finally lifting the country out of a recession. In addition, I think you have limited your scope to a very short term view instead of a long term view. In the short term, heavy government spending might indeed stimulate the economy and get the economy back and running. However, in the long term, I don't think it will. First of all, I don't think you have not taken into consideration the fact that this might lead to more and more debt by a government. I know that during a recession, a government borrows money and spends it lavishly on infrastructure. However, after a government has successfully pulled itself out of a recession, they still need to pay off this debt. 

 
]]> 2017-09-16 08:16:08 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188130943 Response: Arthur Pigou catherine_zhang3 https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188132035 Your idea of the economic cycle during recession is definitely reasonable. When national income decreases, everyone surely will save their money. Therefore, like you mentioned, less business investment take place and consumers tend to spend less. Well, to build on your idea, I think that if the major market price is dropped, then more consumption will be made because the product becomes more affordable to people during a time of high unemployment rate. This is, in some way, an investment for the firms that they are dropping the price to lower their profit, in order for future benefit. 
I also agree that government, to a limited degree, should play a part in the economic field. Not only the public projects you mentioned that helps with recessions, but also keeping the externalities under control. ]]> 2017-09-16 08:33:27 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188132035 Response: Adam Smith david0411 https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188142021 Hey John,

You do offer some insight on solutions during economic recessions, but you have not convinced me on allowing the government to intervene. 

A government's job in a society is composed of defense, public works, laws and universal education. But it does, and should not ruin a market by intervening. A recession is merely a natural consequence of the market system. Think of it like nature: nature faces natural disasters time to time, but, at the end of the day, it manages to recover back itself. 

Leave the market alone, the invisible hand will soon return the market to its original state. But never, never at any cost, should the government intervene. If the government steps in, the market will soon be heavily reliant on the government, losing the power of the invisible hand.]]> 2017-09-16 11:47:00 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188142021 Response: Thomas Malthus kingston_yip https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188214301 John,

If only everyone invested in the economy all together will your theory be ever close to valid. Do people want to collectively invest in a failing company? Even so, how would one plan to gather enough people to spur the economy again?

Overpopulation, John, is the real problem here. When the economy starts rising, people have more money, and with every opportunity that man gets, he will reproduce! Resulting in an exponential increase in our population. Even when the economy drops, people turn to reproduction in hope that their offspring would top them. And even when the economy rises, people turn to reproduction as a result of their hard work. What's worse than an economy that jumps up and down? The answer to that is an economy that cannot feed its own population.]]> 2017-09-17 11:19:20 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188214301 Response: Karl Marx emily_qin https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188221584 Me. Keynes,

Your logic behind Keynesian Economics is very well thought-out and your thought process is very clear. I agree fully with your idea of government intervention, however I feel that the state should be involved more than just when the economy is experiencing a significant downfall. I believe that the government should be in control of most of the economy. This way it would be easier to control the competition in the economy, therefore decreasing the gap between the different classes. By doing so, society can ensure a fair distribution of goods and services based on an individual's abilities and needs. This would eliminate the power gap between classes, giving the working class the same rights as those with more money.

-Karl Marx]]> 2017-09-17 13:07:40 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188221584 Response: Alfred Marshall ellie_lee https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188292301 Hello Mr. Keynes,

This is Alfred Marshall! I am so impressed with your ideas that government should be regulating the markets and the economy to ensure that it is flowing and dynamic. Your theory that states that government should be intervening into the society to minimize the problems of unemployment.

Just to add on, your book The General Theory of Employment, Interest and Money (1935-36) has impressed me a lot, and after reading it, I found out that we share many views on economics together!  

- Alfred Marshall]]> 2017-09-18 00:57:08 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/188292301 Response: Frederick Von Hayek bryan_xu https://padlet.com/yaya_bernell/7jt072p6oiew/wish/189609063 Hello Mr. Keynes,

I do admire your thoughts and contributions to economics. However, I do not agree with your stand on the role of a government in a market. 

The sole purpose and role of a government should be that it only provides a stable environment for industries to thrive and succeed. The government provides the framework for interaction. Ideally, as mentioned, a government operates only within a stable and known framework of rules. If the government intervenes in the market, the market would be too dependent on the government, causing slow development in the economy.


]]> 2017-09-21 05:03:16 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/189609063 Response TO Frederick Von Hayek:The governm https://padlet.com/yaya_bernell/7jt072p6oiew/wish/190669981 Hello Mr Hayek,

I unfortunately will have to challenge you on this one. The government plays a crucial role in the economy, especially during times of economic recession. The government can step in and create policies and prompt spending and activity which would then in turn actually spark up the market. Without the government stepping in, individuals are much too sloppy to handle it themselves, they need the framework and support that the government gives. With the government's active role in the government and the increased spending, the investment and consumption rates going up, the unemployment and dropped production issues would be resolved.]]> 2017-09-25 04:38:30 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/190669981 Response TO Alfred Marshall https://padlet.com/yaya_bernell/7jt072p6oiew/wish/190670334 Hello Mr Marshall,

Thank you! I am glad that you agree with my idea that the government should be regulating the markets. I also believe that we share many views.]]> 2017-09-25 04:42:49 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/190670334 Response TO Karl Marx: https://padlet.com/yaya_bernell/7jt072p6oiew/wish/190670465 Mr Marx,

]]> 2017-09-25 04:43:35 UTC https://padlet.com/yaya_bernell/7jt072p6oiew/wish/190670465