The General Theory Of Employment, Interest And Money

 
9783941579286: The General Theory Of Employment, Interest And Money

The General Theory of Employment, Interest and Money was written by the British economist John Maynard Keynes. The book, generally considered to be his magnum opus, is largely credited with creating the terminology and shape of modern macroeconomics. Published in February 1936 it sought to bring 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 book challenged the established classical economics and introduced important concepts such as the consumption function, the multiplier, the marginal efficiency of capital and liquidity preference.

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About the Author:

John Maynard Keynes, 1st Baron Keynes (5 June 1883 - 21 April 1946) was a British economist whose ideas, called Keynesian economics, have had a major impact on modern economic and political theory as well as on many governments' fiscal policies. He advocated interventionist government policy, by which the government would use fiscal and monetary measures to mitigate the adverse effects of economic recessions, depressions and booms. Even Keynes' critics call him the greatest and most influential economist of the 20th century. For this reason, he is known as "the father of modern economics." Keynes' advice on ending the Great Depression was rejected. President Roosevelt tried countless other approaches, all of which failed. Then, in seven short years, under massive Keynesian spending, the U.S. went from the greatest depression it has ever known to the greatest economic boom it has ever known. The success of Keynesian economics was so resounding that almost all capitalist governments around the world adopted its policies. Time Magazine named Keynes one of the 100 most influential people of the 20th century, on his Keynesian Theory state.. "His radical idea that governments should spend money they don't have may have saved capitalism". He is one of the fathers of modern theoretical macroeconomics.

Review:

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.' (Paul Krugman )

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John Maynard Keynes
Published by Management Laboratory Press (2009)
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Keynes, John Maynard
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ISBN 10: 3941579282 ISBN 13: 9783941579286
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