The General Theory of Employment, Interest and Money / Edition 1by John Maynard Keynes
Pub. Date: 11/27/2007
Publisher: Palgrave Macmillan
In 1936 Keynes published the most provocative book written by any economist of his generation. Arguments about the book continued until his death in 1946 and still continue today. This new edition features a new Introduction by Paul Krugman which discusses the significance and continued relevance of The General Theory .
- Palgrave Macmillan
- Publication date:
- Edition description:
- First Edition
- Product dimensions:
- 6.17(w) x 9.23(h) x 1.03(d)
Table of ContentsIntroduction to the 2007 Edition; P.Krugman BOOK 1: INTRODUCTION The General Theory The Postulates of the Classical Economics The Principle of Effective Demand BOOK 2: DEFINITIONS AND IDEAS The Choice of Units Expectation as Determining Output and Employment The Definition of Income, Saving and Investment The Meaning of Saving and Investment Further Considered BOOK 3: THE PROPENSITY TO CONSUME The Propensity to Consume: I. The Objective Factors The Propensity to Consume: II. The Subjective Factors The Marginal Propensity to Consume and the Multiplier BOOK 4: THE INDUCEMENT TO INVEST The Marginal Efficiency of Capital The State of Long-term Expectation The General Theory of the Rate of Interest The Classical Theory of the Rate of Interest The Psychological and Business Incentives to Liquidity Sundry Observations on the Nature of Capital The Essential Properties of Interest and Money The General Theory of Employment Re-stated BOOK 5: MONEY-WAGES AND PRICES Changes in Money-Wages The Employment Function The Theory of Prices BOOK 6: SHORT NOTES SUGGESTED BY THE GENERAL THEORY Notes on the Trade Cycle Notes on Mercantilism, The Usury Laws, Stamped Money and Theories of Under-consumption Concluding Notes on the Social Philosophy Towards which the General Theory Might Lead
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After decades of primacy Keynesian theories are currently out of vogue with those who make policy. In their stead stand an increasingly dogmatic hybrid of Ayn Rand and Friedrich A. Von Hayek. When the inevitable excess of the acolytes of the rabid right have caused enough damage there will be a moment of Keynesian appreciation. One should read the works before the time comes to lionize them.
It's amazing that several issues of the General Theory are today simply ignored. Let's deal with two problems.
In the first tier Keynes is wondering about this analytical confusion between "marginal productivity" and "marginal efficiency". The last one is only comprehensible by the category of value. As far as the (neo)classical theory is concerned there is no solution for this request.
Secondly, Keynes notes the vaguely defined category of interest, which is used by the (neo)classical theory. But this vaguely defined category plays not only today a decisive role within the analytical and practical challenges we are faced with.
Of course, Keynes was mainly interested in a reasonable solution of the problem of economic crisis and how to fight it, but nevertheless he pointed out some very important analytical issues, which seemed to be forgotten over the time.
Today, facing the globalized economic crisis, it is a good point to take care of the above mentioned issues.