The General Theory of Employment, Interest, and Money

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Keynes profoundly influenced the New Deal and created the basis for classic economic theory. “I can think of no single book that has so changed the conception held by economists as to the working of the capitalist system” (Robert L. Heilbroner). Index.

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Product Details

  • ISBN-13: 9780156347112
  • Publisher: Houghton Mifflin Harcourt
  • Publication date: 5/28/1965
  • Pages: 416
  • Sales rank: 148,846
  • Product dimensions: 5.67 (w) x 7.76 (h) x 1.01 (d)

Meet the Author

John Maynard Keynes (1883-1946) was an economist, mathematician, civil servant, educator, journalist, and a world-renowned author. His two great works, A Treatise on Money and The General Theory of Unemployment, Interest, and Money, revolutionized the study and practice of economics and changed monetary policy after World War II.

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Table of Contents

Ch. 1 The General Theory 3
Ch. 2 The Postulates of the Classical Economics 4
Ch. 3 The Principle of Effective Demand 23
Ch. 4 The Choice of Units 37
Ch. 5 Expectation as Determining Output and Employment 46
Ch. 6 The Definition of Income, Saving and Investment 52
App User Cost 66
Ch. 7 The Meaning of Saving and Investment, Further Considered 74
Ch. 8 The Propensity to Consume: I. The Objective Factors 89
Ch. 9 The Propensity to Consume: II. The Subjective Factors 107
Ch. 10 The Marginal Propensity to Consume and the Multiplier 113
Ch. 11 The Marginal Efficiency of Capital 135
Ch. 12 The State of Long-Term Expectation 147
Ch. 13 The General Theory of the Rate of Interest 165
Ch. 14 The Classical Theory of the Rate of Interest 175
App Rate of Interest in Marshall's Principles of Economics, Ricardo's Principles of Political Economy and elsewhere 186
Ch. 15 The Psychological and Business Incentives to Liquidity 194
Ch. 16 Sundry Observations on the Nature of Capital 210
Ch. 17 The Essential Properties of Interest and Money 222
Ch. 18 The General Theory of Employment Re-Stated 245
Ch. 19 Changes in Money-Wages 257
App Prof. Pigou's Theory of Uneployment 272
Ch. 20 The Employment Function 280
Ch. 21 The Theory of Prices 292
Ch. 22 Notes on the Trade Cycle 313
Ch. 23 Notes on Mercantilism, the Usury Laws, Stamped Money and Theories of Under-Consumption 333
Ch. 24 Concluding Notes on the Social Philosophy towards which the General Theory might lead 372
Index 385
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  • Anonymous

    Posted August 9, 2005


    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.

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  • Posted January 26, 2009

    General Theory of Employment, Interest and Money

    It's amazing that several issues of the General Theory are today simply ignored. Let's deal with two problems.<BR/><BR/>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.<BR/><BR/>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.<BR/><BR/>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.<BR/><BR/>Today, facing the globalized economic crisis, it is a good point to take care of the above mentioned issues.

    0 out of 4 people found this review helpful.

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