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The son of two Cambridge University professors, John Maynard Keynes was a child prodigy, working on the economic theory of interest at age four, attending Etton at age fourteen on a scholarship and studying at Cambridge at seventeen. Following graduation, he placed second in a nationwide civil service examination competition. Ironically, he would have finished first if his grade in economics had been higher. He would later comment that this problem had arisen from the fact that he knew more about economics than his examiners did.

Later, while teaching at Cambridge, Keynes served as chairman of the National Mutual Life Assurance Society, editor of the Economic Journal and a director of the Bank of England. He moved in the elite social and cultural circles, organizing Cambridge’s Art Theatre and London’s Camargo Ballet, and married the celebrated Lydia Lopokova, a prominent Russian ballerina of the era.

In 1936, in the midst of the Great Depression, Keynes completed the most influential of his many writings, The General Theory of Employment, Interest and Money, upon which the concept of government fiscal policy is founded. Of The General Theory, Time magazine would write thirty years later, “it had more influence in a shorter time than any other book ever written in economics.”

Keynes did not live to see the full extent of his influence. As with all new ideas, his met with considerable resistance initially, and were not widely accepted until after the Second World War. Since then, they have become the basis of government economic policy. Nonetheless, Keynesian theories remain controversial; their defenders maintain that such policies are the savior of the free-enterprise system, while their opponents argue that these theories have legitimized spendthrift government spending policies that have fuelled inflation and brought the economy to the brink of ruin.

Specifically, during a recession or depression, when the “injection” of business investment was not sufficiently large to offset the “leakage” of saving, the government should take steps to correct the situation. One such step could be to increase government spending, to create additional “injections” into the system; another could be to decrease taxes so as to reduce that “leakage” from spending. The common element in both such approaches is that they would increase the level of aggregate demand in the economy, with the intention that the increased spending on goods and services would stabilize the economy and avoid serious recessions.

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