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Book Code: 1111008615891
John Maynard Keynes
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ABOUT THE BOOK:- The author spearheaded a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He instead argued that aggregate demand determined the overall level of economic activity and that inadequate aggregate demand could lead to prolonged periods of high unemployment. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an under employment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decision, it is unlikely to rapidly restore full employment
ABOUT THE BOOK
The author spearheaded a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He instead argued that aggregate demand determined the overall level of economic activity and that inadequate aggregate demand could lead to prolonged periods of high unemployment. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an under employment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decision, it is unlikely to rapidly restore full employment.
ABOUT THE AUTHOR
John Maynard Keynes (5 June 1883- 21 April 1946) 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. At the 1944, Bretton woods conference, where the International Monetary Fund was established, Keynes was one of the architects of the post war system of fixed exchange rates. Contrary to some of his critics assertion, Keynes was a relatively strong advocate of free markets. The author believed that once full employment had been achieved by Fiscal Policy measures, the market mechanism could then operate freely. His selected works are: Indian Currency and Finance; The Economic consequences of the peace; A Tract of Monetary Reform; The Economic consequences of Mr. Churchill; A Treatise of money.
CONTENTS
BOOK I
CHAPTER 1
THE GENERAL THEORY (3)
CHAPTER 2
THE POSTULATES OF THE CLASSICAL ECONOMICS (4)
CHAPTER 3
THE PRINCIPLE OF EFFECTIVE DEMAND (23)
BOOK II
Definitions and Ideas
CHAPTER 4
THE CHOICE OF UNITS (37)
CHAPTER 5
EXPECTATION AS DETERMINING OUTPUT AND EMPLOYMENT (46)
CHAPTER 6
THE DEFINITION OF INCOME, SAVING AND INVESTMENT (52)
Appendix on User Cost (66)
CHAPTER 7
THE MEANING OF SAVING AND INVESTMENT FURTHER CONSIDERED (74)
BOOK III
The Propensity to Consume
CHAPTER 8
THE PROPENSITY TO CONSUME: I THE OBJECTIVE FACTORS (89)
CHAPTER 9
THE PROPENSITY TO CONSUME: II THE SUBJECTIVE FACTORS (107)
CHAPTER 10
THE MARGINAL PROPENSITY TO CONSUME AND THE MULTIPLIER (113)
BOOK IV
CHAPTER 11
THE MARGINAL EFFICIENCY OF CAPITAL (135)
CHAPTER 12
THE STATE OF LONG-TERM EXPECTATION (147)
CHAPTER 13
THE GENERAL THEORY OF THE RATE OF INTEREST (165)
CHAPTER 14
THE CLASSICAL THEORY OF THE RATE OF INTEREST (175)
APPENDIX ON THE RATE OF INTEREST IN MARSHALL'S PRINCIPLES OF
ECONOMICS, RICARDO'S PRINCIPLES OF POLITICAL ECONOMY, AND
ELSEWHERE (186)
CHAPTER 15
THE PSYCHOLOGICAL AND BUSINESS INCENTIVES TO LIQUIDITY (194)
CHAPTER 16
SUNDRY OBSERVATIONS ON THE NATURE OF CAPITAL (210)
CHAPTER 17
THE ESSENTIAL PROPERTIES OF INTEREST AND MONEY (222)
CHAPTER 18
THE GENERAL THEORY OF EMPLOYMENT RE-STATED (245)
BOOK V
Money-wages and Prices
CHAPTER 19
CHANGES IN MONEY-WAGES (257)
APPENDIX ON PROFESSOR PIGOU'S 'THEORY OF UNEMPLOYMENT (272)
CHAPTER 20
THE EMPLOYMENT FUNCTION (280)
CHAPTER 21
THE THEORY OF PRICES (292)
BOOK VI
Short Notes Suggested by the General Theory
CHAPTER 22
NOTES ON THE TRADE CYCLE (313)
CHAPTER 23
NOTES ON MERCANTILISM, THE USURY LAWS, STAMPED MONEY AND THEORIES OF
UNDER-CONSUMPTION (333)
CHAPTER 24
CONCLUDING NOTES ON THE SOCIAL PHILOSOPHY TOWARDS WHICH THE GENERAL
THEORY MIGHT LEAD (372)
INDEX (385)
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