John Maynard Keynes in the context of "Great Depression"

The International Monetary Fund (IMF) is an international financial institution and a specialized agency of the United Nations, headquartered in Washington, D.C. It consists of 191 member countries, and its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." The IMF acts as a lender of last resort to its members experiencing actual or potential balance of payments crises.

Established in July 1944 at the Bretton Woods Conference based on the ideas of Harry Dexter White and John Maynard Keynes, the IMF came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. For its first three decades, the IMF oversaw the Bretton Woods system of fixed exchange rate arrangements. Following the collapse of this system in 1971, the Fund's role shifted to managing balance-of-payments difficulties and international financial crises, becoming a key institution in the era of globalization.

Bloomsbury is a district in the West End of London, part of the London Borough of Camden in England. It is considered a fashionable residential area, and is the location of numerous cultural, intellectual, and educational institutions.Bloomsbury is home of the British Museum, the largest museum in the United Kingdom, and several educational institutions, including University College London and a number of other colleges and institutes of the University of London as well as its central headquarters, the New College of the Humanities, the University of Law, the Royal Academy of Dramatic Art, the British Medical Association and many others. Bloomsbury is an intellectual and literary hub for London, as home of world-known Bloomsbury Publishing, publishers of the Harry Potter series, and namesake of the Bloomsbury Group, a group of British intellectuals which included author Virginia Woolf, biographer Lytton Strachey, and economist John Maynard Keynes.

Bloomsbury began to be developed in the 17th century under the Earls of Southampton, but it was primarily in the 19th century, under the Duke of Bedford, that the district was planned and built as an affluent Regency era residential area by famed developer James Burton. The district is known for its numerous garden squares, including Bloomsbury Square, Russell Square and Bedford Square.

Fellowship of the British Academy (post-nominal letters FBA) is an award granted by the British Academy to leading academics for their distinction in the humanities and social sciences. The categories are:

1. Fellows – scholars resident in the United Kingdom
2. Corresponding Fellows – scholars resident overseas
3. Honorary Fellows – an honorary academic title (whereby the post-nominal letters "Hon FBA" are used)
4. Deceased Fellows – Past Fellows of the British Academy

The award of fellowship is based on published work and fellows may use the post-nominal letters FBA. Examples of Fellows are Edward Rand; Mary Beard; Roy Porter; Nicholas Stern, Baron Stern of Brentford; Michael Lobban; M. R. James; Friedrich Hayek; John Maynard Keynes; Lionel Robbins; Rowan Williams; and Margaret Boden.

In philosophy, economics, and political science, the common good (also commonwealth, common weal, general welfare, or public benefit) is either what is shared and beneficial for all or most members of a given community, or alternatively, what is achieved by citizenship, collective action, and active participation in the realm of politics and public service. The concept of the common good differs significantly among philosophical doctrines. Early conceptions of the common good were set out by Ancient Greek philosophers, including Aristotle and Plato. One understanding of the common good rooted in Aristotle's philosophy remains in common usage today, referring to what one contemporary scholar calls the "good proper to, and attainable only by, the community, yet individually shared by its members."

The concept of common good developed through the work of political theorists, moral philosophers, and public economists, including Thomas Aquinas, Niccolò Machiavelli, John Locke, Jean-Jacques Rousseau, James Madison, Adam Smith, Karl Marx, John Stuart Mill, John Maynard Keynes, John Rawls, and many other thinkers. In contemporary economic theory, a common good is any good which is rivalrous yet non-excludable, while the common good, by contrast, arises in the subfield of welfare economics and refers to the outcome of a social welfare function. Such a social welfare function, in turn, would be rooted in a moral theory of the good (such as utilitarianism). Social choice theory aims to understand processes by which the common good may or may not be realized in societies through the study of collective decision rules. Public choice theory applies microeconomic methodology to the study of political science in order to explain how private interests affect political activities and outcomes.

In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. In modern economies, inflation is conventionally considered "healthy" in the range of 2%–3%. Additionally, it is designed to try to keep GDP growth at 2%–3% and the unemployment rate near the natural unemployment rate of 4%–5%. This implies that fiscal policy is used to stabilise the economy over the course of the business cycle.

Changes in the level and composition of taxation and government spending can affect macroeconomic variables, including:

Harry Dexter White (October 29, 1892 – August 16, 1948) was an American government official in the United States Department of the Treasury. Working closely with the secretary of the treasury Henry Morgenthau Jr., he helped set American financial policy toward the Allies of World War II. He was later accused of espionage by passing information to the Soviet Union.

He was a senior American official at the 1944 Bretton Woods Conference that established the postwar economic order. He dominated the conference, and his vision of post-war financial institutions mostly prevailed over those of John Maynard Keynes, the British representative who was the other main founder. Through Bretton Woods, White was a major architect of the International Monetary Fund and World Bank.

The Bloomsbury Group was a group of associated British writers, intellectuals, philosophers and artists in the early 20th century. Among the people involved in the group were Virginia Woolf, John Maynard Keynes, E. M. Forster, Vanessa Bell, and Lytton Strachey. Their works and outlook deeply influenced literature, aesthetics, criticism, and economics, as well as modern attitudes towards feminism, pacifism, and sexuality.

Although popularly thought of as a formal group, it was a loose collective of friends and relatives closely associated with the University of Cambridge for the men and King's College London for the women, who at one point lived, worked or studied together near Bloomsbury, London. According to Ian Ousby, "although its members denied being a group in any formal sense, they were united by an abiding belief in the importance of the arts." The historian Raymond Williams disputed the existence of the group and the extent of its impact.

The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction. The circular flow analysis is the basis of national accounts and hence of macroeconomics.

The idea of the circular flow was already present in the work of Richard Cantillon. François Quesnay developed and visualized this concept in the so-called Tableau économique. Important developments of Quesnay's tableau were Karl Marx's reproduction schemes in the second volume of Capital: Critique of Political Economy, and John Maynard Keynes' General Theory of Employment, Interest and Money. Richard Stone further developed the concept for the United Nations (UN) and the Organisation for Economic Co-operation and Development to the system, which is now used internationally.

Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit, the opposite of budget surplus. The term may be applied to the budget of a government, private company, or individual. A central point of controversy in economics, government deficit spending was first identified as a necessary economic tool by John Maynard Keynes in the wake of the Great Depression.