Keynes' theories and his disagreements with classical economists

KEYNES' THEORIES AND HIS DISAGREEMENTS WITH CLASSICAL ECONOMISTS
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Keynes Biography
Born on 5th June, 1883, John Maynard Keynes (also known as the Baron of Tilton) was a British economist whose thoughts on economics have significantly influenced the macroeconomic world1. His place of birth was Cambridge, in England in an upper, middle class family. His father, John Neville Keynes, was a lecturer and economist in the Cambridge University while the mother, Florence Ada Keynes, was a social reformer. Keynes would obtain substantial support from his father. This included professional and practical coaching to help assist him to pass his scholarship exams. Besides, he offered monetary aid both as a schoolboy and when his possessions were almost drained at the start of the Great Depression back in the year 19292. Thus, Keynes background conditions were a special aspect of the great influence his ideas had on the microeconomic world.
John Keynes` Education and Career
Keynes early education including nursery was based at home. In the year 1890, he attended The Perse School nursery. Later on, in the year 1892, he became a day student at St Faith's preparatory school. Keynes` teachers described him as a radiant, but on circumstance, not careful and lacking in fortitude1. His physical condition was repeatedly deprived especially during this period. This automatically led to him being absent at school severally. In 1897, Keynes won a scholarship to one of the pronounced colleges, Eton College2. He showed great knowledge in subjects like mathematics, history and classics. In spite of his middle class status, Keynes intermingled freely with upper class students. In 1902, Keynes received a scholarship in mathematics to go and study in the King`s College in Cambridge. This is due to the profound knowledge he had in mathematics. It should be noted that initially, John Keynes was after studying philosophy despite the advice from Alfred Marshal to study economics. In 1904, Keynes received a Bachelor of Arts in Mathematics from the college. Even after graduation, Keynes showed an interest in the university by further studying philosophy and attending economics lectures. Besides, he also studied Tripos and civil service exams in the year 1906.[Alan, Blinder. Keynesian Economics. Concise Encyclopedia of Economics. (2007)] [‘John Maynard Keynes biography`. http///people/john-maynard-keynes-9364200]
Keynes's career as a civil servant began in the year1906, as a clerk in the India Office. In the India Office, he enjoyed his work for the first two years. However, by the year 1908 Keynes became uninterested and resigned his position. He was to return to Cambridge and perfect the probability theory. This was initially privately funded only by two lecturers at the university. These were John Neville Keynes, his father and the Arthur Pigou, an economist. In the year 1909, Keynes published his very first expert economics editorial (article) in the ‘Economics Journal`. The article was about the consequence of a recent global economic recession on India.
Later, in the year 1909, Keynes received a lectureship in economics. This was individually funded by Alfred Marshal. Keynes's earnings increased as he began to take pupils on personal tuition, and on being nominated a fellow. In early 1911, Keynes was made an editor of the ‘Economic Journal`. By the year1913, Keynes had published his very first book titled ‘Indian Currency and Finance`. Later on, he was selected to the Royal Commission board on Indian Currency and Finance. It should be noted that this was the same subject as his book. Keynes showed substantial talent at relating economic theory to practical (real-life) problems. This greatly influenced his economic thought development. In essence, it provided a platform on which he would base his economic thoughts and ideas
Keynes View of Economics and the Arguments with Classical Economists
A close look at Keynes theory, one will discover that he sought to differentiate his theories from classical economics. His thoughts and theories came to use especially during and after the Great Depression. In actual fact, his thoughts were put to use and acknowledged by other economics in 1936 after the Great Depression. Moreover, he was after opposing them. In this case, classical economics meant the economic theories of economists including David Ricardo and his followers. These include economists such as Alfred Marshall, John Stuart Mill, Arthur Cecil Pigou and Francis Ysidro1. A fundamental principle of the classical analysis known as Say's law, asserts that ‘supply creates its own demand`. This Law can be construed in two ways. First, the assertion that the total value of production is equivalent to the amount of income earned in production is a consequence of a national income that accounts to identity. This makes the law indisputable.
The second and stronger claim, on the other hand, that the ‘costs of production are constantly covered in the summative by the sales consequential from demand`. It however, depends on how expenditure and saving are connected to production and investment. Specifically, Keynes disputed that th...