He hardly seemed cut out to be a workingman’s revolutionary, a graduate of England’s exclusive Eton prep school, a collector of modern art and a graduate of Cambridge University, nonetheless he transformed the dismal science into a revolutionary engine of social program. Before Keynes economists were gloomy naysayer’s. “Nothing can be done” “Don’t interfere” “It will never work”, but Keynes was an optimist. “Of course we can lick unemployment!” The “economic problem is not, if we look into the future – the permanent problem of the human race” he wrote. Keynes took a totally new view to economics, he was one of the first economist’s to argue convincingly that governments should take measures to counter a depression. His ideas helped shift emphasis away from laissez-faire. The economic theory that maintains that government should not interfere in economic affairs. Keynes was born in Cambridge and later served in the British treasury from 1915 to 1919. It was from this date that Keynes became internationally prominent. He wrote “The Economic Consequences of the Peace”. This book attacked the reparation which the Allies demanded from the defeated Central Powers after World War 1 an
In a closed economy, with no exports or imports national income (Y) is made up of consumption expenditure (C ), investment expenditure (I) and government expenditure (G). This can be expressed in the form of a simple equation.
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