Multiplier (economics)
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In macroeconomics, a multiplier is a factor of proportionality that measures how much an endogenous variable changes in response to a change in some exogenous variable.
Illustration of the original visualisation of the tableau économique by Quesnay, 1758
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John Maynard Keynes
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John Maynard Keynes, 1st Baron Keynes, was an English economist whose writings are considered the basis for the school of thought known as Keynesian economics, as well as its various offshoots. Origin
Multiplier (economics)
…a constant rate of flow yields geometric series, which computes a multiplier. The modern theory of the multiplier was developed in the 1930s, by Kahn, Keynes, Giblin, and others, following earlier work in the 1890s by the Australian economist Alfred De Lissa, the Danish economist Julius Wulff, and the…
Keynes in 1929
King's College, Cambridge. Keynes's grandmother wrote to him saying that, since he was born in Cambridge, people will expect him to be clever.
Prime Minister David Lloyd George. Keynes was initially wary of the "Welsh Wizard," preferring his rival Asquith, but was impressed with Lloyd George at Versailles; this did not deter Keynes from painting a scathing picture of the then-prime minister in The Economic Consequences of the Peace.
The Great Depression and its periods of worldwide economic hardship formed the backdrop against which the Keynesian Revolution took place. This image is Migrant Mother, taken by photographer Dorothea Lange in March 1936.