The General Theory of Employment, Interest, and Money / Edition 1by John Maynard Keynes
Pub. Date: 05/28/1997
Publisher: Prometheus Books
As a memorial to Lord Keynes, The Royal Economic Society has published his Collected Writings. Volumes not listed appear in hardcover only.
Table of Contents
Part I. Introduction: 1. The general theory; 2. The postulates of the classical economics; 3. The principle of effective demand; Part II. Definitions and Ideas: 4. The choice of units; 5. Expectation as determining output and employment; 6. The definition of income, saving and investment; 7. The meaning of saving and investment further considered; Part III. The Propensity to Consume: 8. The propensity to consume – i. The objective factors; 9. The propensity to consume – ii. The subjective factors; 10. The marginal propensity to consume and the multiplier; Part IV. The Inducement to Invest: 11. The marginal efficiency of capital; 12. The state of long-term expectation; 13. The general theory of the rate of interest; 14. The classical theory of the rate of interest; 15. The psychological and business incentives to liquidity; 16. Sundry observations on the nature of capital; 17. The essential properties of interest and money; 18. The general theory of employment re-stated; Part V. Money-wages and Prices: 19. Changes in money-wages; 20. The employment function; 21. The theory of prices; Part VI. Short Notes Suggested by the General Theory: 22. Notes on the trade cycle; 23. Notes on mercantilism, the usury laws, stamped money and theories of under-consumption; 24. 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.