Richard Kahn, Baron Kahn facts for kids

Richard Ferdinand Kahn, also known as Baron Kahn, was an important British economist. He was born on August 10, 1905, and passed away on June 6, 1989. He is best known for his work on the "economic multiplier," an idea that helps explain how spending affects a country's economy.

Early Life and Education

Richard Kahn was born in Hampstead, England. His family was Jewish. His father, Augustus Kahn, was a school inspector.

Richard went to St Paul's School in London. Later, he studied at King's College, Cambridge. He first studied mathematics and physics, getting excellent grades. From 1927 to 1928, he learned economics from famous economists like Gerald Shove and John Maynard Keynes. He then earned top marks in economics in 1928. In 1930, he became a Fellow (a special member) of King's College.

Career and Contributions

Kahn started working in the economics department at Cambridge University in 1933. From 1947 to 1951, he was the leader for economics students at King's College. In 1951, he became a professor of economics. He also took over from John Maynard Keynes as the Bursar of King's College, which meant he managed the college's money.

Richard Kahn also worked for different government groups. For example, he worked for the United Nations Economic Commission for Europe in 1955. He also worked for the UK National Coal Board in 1967. He retired from Cambridge in 1972 but continued to live at King's College.

The Economic Multiplier

Kahn's most famous idea in economics is the principle of the multiplier. This idea explains how an increase in spending can lead to an even bigger increase in a country's total output or income.

For example, if a government spends money on a new project, that money becomes income for the people who work on the project. Those people then spend some of their income, which becomes income for others, and so on. This creates a ripple effect, making the total increase in income much larger than the initial spending.

Kahn first wrote about the multiplier in his 1931 article, "The Relation of Home Investment to Unemployment."

Working with John Maynard Keynes

Richard Kahn was a close friend and colleague of John Maynard Keynes. He was part of a group of economists at Cambridge known as the "Cambridge Circus." Kahn also worked closely with Keynes on his very famous book, General Theory of Employment, Interest and Money. This book changed how many people thought about economics.

Honors and Awards

Richard Kahn received several important honors for his work:

• In 1946, he was awarded the CBE (Commander of the Order of the British Empire).
• In 1960, he became a Fellow of the British Academy.
• On July 6, 1965, he was given the special title of Baron Kahn. This meant he became a "life peer" and could be a member of the House of Lords, a part of the British Parliament, for the rest of his life.

See also

In Spanish: Richard Kahn para niños