John Maynard Keynes Is the Economist the World Needs Now, John Menard Keynes,

Bloomberg Business, October 30th - 2014

Submitted to Dr. Shiv K. Gupta by Santhosh Telu

In partial fulfilment of course requirement for MBA: 700 (01)
Business Strategy and Implementation

The University of Findlay

11-20-2014

Summary: The article is John Maynard Keynes is the Economist the World Needs Now by
Author Peter Coy, published in Business Bloomberg (30th Oct, 2014). The author explains and
compares the past and present economic conditions prevailing across the world. The author also
explain the John Maynard Keynes Macro-economic theory. The author explains that Keynes
developed the economic theory i.e. fiscal policies have to implement during the odd or economic
downturn or paradox drift. The beggarthy-neighbor economic policies is developed by Keynes to
save the debtor to repay the loans. Based on the Keynes theories the UK government and with
neighbour European countries established IMF (International Monetary Fund). But in the article
it was said that the theories of John Maynard Keynes was neglected for over three decades
despite of its positive benefits. But during the 2007-08 recession the theories of John Maynard
Keynes were reconsidered by the government and other economic activists. As the author in the
article emphasizes that the only way to get by or avoid the similar grater economic depression of
1937 is to follow the policies and theories of John Maynard Keynes. The fiscal policies have to
be considered over the monetary policies. The government have to be always ready to support.
Critical Personal Analysis: The article was intensive and broader concept in nature. I have one
critical point observed from the article. The critical point is how to survive odd times or
recession or economic crisis. John Menard Keynes has given importance to the fiscal policy over
the monetary policy. I totally agree with the John Menard Keynes point of view. Printing more
money and reduction of interest rates doesnt help people to spend or investors borrow and
creates more havoc of the crisis. According to John Menard Keynes fiscal policies have to
implement in odd times i.e. reduction in tax rates and increase the government spending. So to
conclude, I felt that john Menard Keynes is absolutely correct and his theory has to be practically
considered in the present period of economic conditions across the world.

References:

Coy, P. (2014, October 30). John Maynard Keynes is the economist the world needs now.
Retrieved from http://www.businessweek.com/articles/2014-10-30/why-john-maynardkeyness-theories-can-fix-the-world-economy