Handbook of Critical Issues in Finance
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Handbook of Critical Issues in Finance

Edited by Jan Toporowski and Jo Michell

This vital new Handbook is an authoritative volume presenting key issues in finance that have been widely discussed in the financial markets but have been neglected in textbooks and the usual compilations of conventional academic wisdom.
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Chapter 26: John Maynard Keynes

Michael S. Lawlor


John Maynard Keynes was born in Cambridge, England, in 1883. He was raised in an orthodox, but academic, ‘Late Victorian’ household (Cockshut, 1964). From this upbringing, his later biographers noted (Harrod, 1951; Skidelsky, 1983, 1992, 2000; Moggridge, 1992), Keynes was imbued with an enduring sense of duty toward British society and also with the values of free-ranging academic curiosity. His father was a member of Alfred Marshall’s faculty in the Economics Department at Cambridge University, then the centre of English language economic thought. Keynes was later to observe that he had literally grown up alongside the composition of Marshall’s Principles of Economics (Marshall [1920] 1962; Keynes, 1925; Groenewegen, 1995). Keynes was educated at Eton and King’s College, Cambridge. He matriculated at Cambridge in 1902, graduated in 1905, stayed on one year as a postgraduate student, during which time he took economics courses from Alfred Marshall and from other economists. This was the extent of his formal economic training.

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