Long run is a misleading guide to current affairs. In the long run we are all dead.

In the 1920s

Keynes had completed his A Treatise on Probability before the war but publiJohn Maynard Keynesd it in 1921. Aside from a few months spent on holidays with family and friends Keynes continued to involve himself with the university over the next two years.

In 1942 Keynes was awarded a hereditary peerage as Baron Keynes of Tilton in the County of Sussex. He advocated the use of fiscal and monetary measures to mitigate the adverse effects of economic recessions and depressions. Keynesian economics provided the theoretical underpinning for economic policies undertaken in response to the crisis by Presidents George W.