John Maynard Keynes

John Maynard Keynes was a British economist who's ideas have affected the theory and practice of modern macroeconomics, a branch of economics that deals with the performance, structure, behavior rand decision-making of the entire economy, be that a national, regional, or the global economy, and economic policies of the government. He used government finance and a process called monetary policy to mitigate the adverse effects of economic recessions and depressions. He wrote various books and articles that helped other people and made him one the most important figures in the entire history of economics.

Keynes believed in what is called today monetarism, he quantity theory of money. During world war 2, a sad 20% of people were unemployed. His major policy view was that the way to stabilize the economy is to stabilize the price level. By doing this the central bank had to lower the interest rate when prices tend to rise and rise them when prices tend to lower. His idea took dramatic change, but due to the high rate of unemployment he started to investigate other causes of Britain's economic problems.The General Theory of Employment, Interest and Money was the result. Keynes's General Theory revolutionized the way economics think about economics. His revolution was a pathbreaker for many reasons including, it introduced the notion of aggregate demand as the sum of investment and government spending.

I disagree with him because even though the people in later generations will not have to pay for the debt in a way they will still be paying for those mistakes. There parents will grow up in poverty and less of what they could have and when they are raised they will miss the opportunities to grow in a healthy environment. Behavior that is learned from one generation is passed down to the next through the way they were raised and the way they raise theirchildren. So really he may think he is getting rid of debt and problems but this just will make the people poor causing a chain link effect throughout generations that is harming. In our economy today we are going through some of the same things. Our economy just took a big fall worldwide. Many countries, even super powers are finding themselves in a lot of debt. We could do what Keynes would do and get rid of the debt or we can deal with it now.