RG

IN CONTEXT

FOCUS

The macroeconomy

KEY THINKER

John Maynard Keynes (1883–1946)

BEFORE

1776 Scottish economist Adam Smith argues that the “invisible hand” of the market will lead to prosperity.

1909 British social campaigner Beatrice Webb writes her Minority Report, saying that the causes of poverty are structural and cannot be blamed on the poor.

AFTER

1937 British economist John Hicks presents his analysis of the Keynesian system.

1986 US economists George Akerlof and Janet Yellen explain involuntary unemployment through their efficiency wage models.

In 1936, John Maynard Keynes published his groundbreaking work The General Theory of Employment, Interest, ...

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