Keynesianism as Long-Run Economics
Initially predominant in New Deal economic analysis, the structural approach was challenged and eventually displaced by another long- run perspective: that originating with John Maynard Keynes. Born in Britain in 1883, the son of an economist, Keynes had the greatest impact of anyone on economics in the twentieth century. Keynes was a legendary figure: brilliant, quick, and possessed of flair and supreme self-confidence. A practitioner of the "dismal science" of economics, he enjoyed and patronized the arts. A member of the famed "Bloomsbury Group," he had an affair with painter Duncan Grant and later married Russian ballerina Lydia Lopokova. Keynes was reared in the established tradition of Alfred Marshall, yet he founded a "new economics." A master of theory, he was geared to policy and used his gift for polemic to advance his cause.