Keynes, John Maynard

Keynes's background is outlined as it relates to his scholarly and public policy contributions. The evolution of his thought is discussed, leading up to his penultimate contributions in his General Theory and his invention of modern macro‐economics. His fact‐based understanding of macro‐economic market failure and persistent involuntary unemployment is contrasted with the classical perspective that market forces restore full employment quickly and efficiently. Modeling differences across Keynesian economists are also discussed.