John Maynard Keynes, the great Cambridge University economist who revolutionized macroeconomic theory, was Prime Minister David Lloyd George’s economic advisor at the Versailles Peace Conference in 1919. Keynes repeatedly urged that all war debts be reduced or eliminated, but he didn’t succeed in swaying anyone to his point of view, not even Woodrow Wilson. Keynes was disgusted with the final treaty as he felt it was morally and economically unsound. He returned home and promptly wrote a book called The Economic Consequences of the Peace. You can read an excellent article about Keynes and his Versailles experience by clicking here.
His theory remains very central to government economic policy today – Stimulus Payments are fundamentally Keynsian.
Keynes was famous for his quips. Perhaps the most well-known is “In the long run we are all dead”.
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