HISTOIRE DE KEYNE BRITISH

EconomistS John Maynard Keynes (1883-1946) Keynes is a British economist who lived during the 20th century. He is known as the founder of modern macroeconomics. Keynes's most famous book is The General Theory of Employment, Interest and Money, which he wrote in 1936. Keynes's ideas are opposed to neoclassical economics and classical economists like Marshall and Pigou. Alfred Marshall (1842-1924) He was an English economist, one of the most influential of his time. He was one of the founders of neoclassical economics. He studied at Saint-John's College in Cambridge. His main book is Principles of Economics (1890) and he brought the ideas of supply and demand, marginal utility, costs of production into a coherent whole. He transformed economics in a more scientific profession, introducing widely mathematics. He was Keynes's teacher at Cambridge, and lived in Balliol Croft. Arthur Cecil Pigou (1877-1959) He was an English economist. He studied in King's College, Cambridge. He particularly worked on welfare economics, but also on unemployment, public finance... He succeeded Marshall as professor of political economy in Cambridge. He was a good friend of Keynes, even if they not always agreed. Pigou effect: stimulation of output and employment caused by increasing consumption due to a rise in real balance of wealth, particularly during deflation. Jeremy Bentham (1748-1832) He was a British philosopher and a political reformist. He was born in London in 1748 and he made his studies at Queens College in Oxford. He became a lawyer but stopped this way to pursue the development of his theory: the utilitarism. His theory says that the moral worth of an action is determined by its contribution to overall utility. His theory is often resumed by this sentence: "the greatest good for the greatest number of people". Bentham, who died in 1832, decided to give his body to Science and that this one has to be conserved in a box of glass (=the Auto-Icon) in the University College of London (UCL). Karl Marx (1818-1883) Karl Marx was a German philosopher, political economist, historian, political theorist, sociologist and communist revolutionnary. He's the co-founder of Marxism (with Engels), and was important in the socialism developpement. He also introduced the concept of surplus value, and contribute to the Labour Theory of Value. Adam Smith (baptised 16 June 1723 - died 17 July 1790) He was a Scottish moral philosopher and a pioneer of political economics. Smith studied social philosophy at the University of Glasgow and the University of Oxford. Smith obtained a professorship at Glasgow teaching moral philosophy. Smith returned home and spent the ten years writing The Wealth of Nations, publishing it in 1776. He became famous for this book, which had a profound influence on modern economics and concepts of individual freedom. Smith is widely cited as the father of modern economics and capitalism. He is most often recognized for the expression « the invisible hand «. John Stuart Mill (1806 -1873) John Stuart Mill was a British philosopher, economist and also a Member of Parliament. His conception of liberty justified the freedom of the individual in opposition to unlimited state control. He was a proponent of utilitarianism (an ethical theory developed by Jeremy Bentham). Mill's famous formulation of utilitarianism is known as the "greatest-happiness principle". It holds that one must always act so as to produce the greatest happiness for the greatest number of people, within reason. Mill explains that people should have the right to have a say in the government's decisions. He said that social liberty was "the nature and limits of the power which can be legitimately exercised by society over the individual". David Ricardo (1772 - 1823) David Ricardo was an English political economist. He was also a member of Parliament, businessman, financier and speculator. His most important contribution was the law of comparative advantage, an argument in favour of free trade among countries and of specialisation among individuals. According to Ricardo's theory, even if a country could produce everything more efficiently than another country, it would gain from specialising in what it was best at producing and trading with other nations. Ricardo believed that in the long run, prices reflect the cost of production, and referred to this long run price as a Natural price. He demonstrates that prices do not correspond to this value. The theory of value explains that the relative price of two goods is determined by the ratio of the quantities of labour required in their production. William Stanley Jevons (1835-1882) He was an English economist and mathematician. He is considered as the father of the neoclassical school (the neoclassical approach is based on the introduction of mathematics in the economy) and also as the father of the Marginal Revolution in economics with Walras and Menger. This revolu...