The General Theory of Employment, Interest and Money

by John Maynard Keynes CB Fba

Overview

The General Theory of Employment, Interest and Money by John Maynard Keynes is considered to be his magnum opus and is largely credited with creating the terminology and shape of modern macroeconomics. The General Theory brought about a revolution, commonly referred to as the "Keynesian Revolution", in the way economists thought especially in relation to the proposition that a market economy tends naturally to restore itself to full employment after temporary shocks. Regarded widely as the cornerstone of Keynesian thought, The General Theory challenged the established classical economics and introduced important concepts such as the consumption function, the multiplier, the marginal efficiency of capital, the principle of effective demand and liquidity preference. John Maynard Keynes was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments. He greatly refined earlier work on the causes of business cycles, and advocated the use of fiscal and monetary measures to mitigate the adverse effects of economic recessions and depressions. His ideas are the basis for the school of thought known as Keynesian economics, as well as its various offshoots.

Product Details

ISBN-13:	9781612033013
Publisher:	Bottom of the Hill Publishing
Publication date:	08/01/2011
Edition description:	New Edition
Pages:	208
Product dimensions:	7.50(w) x 9.25(h) x 0.44(d)

About the Author

John Maynard Keynes was a British economist and professor at Cambridge. He was a prolific author and lecturer and advised many governments and policy makers on economic policy. He was named by Time magazine as one of the 100 most influential people of the 20th century.

Table of Contents

Introduction 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

Editorial Reviews

'The General Theory is nothing less than an epic journey out of intellectual darkness. That, as much as its continuing relevance to economic policy, is what makes it a book for the ages. Read it, and marvel.' - From the introduction by Paul Krugman

From the Publisher