The General Theory of Employment, Interest and Money

• ISBN13: 9788124805527
• Binding: Paperback
• Subject: Economics
• Publisher: Atlantic Publishers & Distributors (P) Ltd
• Publisher Imprint: Peacock Books
• Publication Date: March 7, 2024
• Pages: 354
• Original Price: INR 350.0
• Language: English
• Edition: N/A
• Item Weight: 400 grams
• BISAC Subject(s): Economics / General

“The difficulty lies, not in the new ideas, but in escaping from the old ones…”

The General Theory of Employment, Interest and Money is a quintessential guide to understanding modern economics, exerting a profound influence on economic theory and practice. In this seminal work, Keynes tackles the complexities of economic cycles, offering crucial insights into the role of government in stimulating and regulating a nation's economic life. The complexities of macroeconomic equilibria are thoroughly discussed, revealing the significance of government intervention to restore full employment during periods of economic downturn. Accessible to general readers with a keen interest in comprehending the intricacies of a nation's economy, this book remains an indispensable resource for those seeking a foundational education in economics.

“The most influential book on economic and social policy so far”

—The New York Times

“... it reframed the central problem at the heart of modern economics ...”

—The Washington Post

John Maynard Keynes (1883–1946) was one of the most influential economists of the 20th century, renowned for his groundbreaking contributions to economic theory and policy. Born in Cambridge, England, Keynes received his education at Eton College and later at King’s College, Cambridge, where he distinguished himself as a scholar in mathematics and economics. His work, The General Theory of Employment, Interest and Money (1936), revolutionised economic thought during the Great Depression. Challenging classical economic doctrines, Keynes argued for active government intervention to manage economic fluctuations and stabilise economies. His theory of aggregate demand and the role of fiscal policy in stimulating economic activity laid the foundation for modern macroeconomics and greatly influenced public policies worldwide. Keynes was also a prominent public figure beyond his academic pursuits. He served as an advisor to the British government and played a crucial role in shaping post-World War II economic policies through his participation in the Bretton Woods Conference. Keynes’s pragmatic approach to economics, characterised by a blend of theory and policy activism, continues to shape debates on economic policy, monetary theory and international finance. A prolific writer and essayist, Keynes addressed a wide range of additional topics in his works as well, such as philosophy and ethics. His wit, intellect and unwavering commitment to social welfare have left an indelible mark on both economic theory and public discourse.

• Indian Currency and Finance (1913)
• The Economic Consequences of the Peace (1919)
• A Treatise on Probability (1921)
• A Treatise on Money (1930)
• Essays in Persuasion (1931)
• The General Theory of Employment, Interest and Money (1936)
• How to Pay for the War: A Radical Plan for the Chancellor of the Exchequer (1940)

• Preface iii
• Acknowledgements vii
• Introduction xi
BOOK-I: INTRODUCTION 1-27
• 1. The General Theory 3
• 2. The Postulates of the Classical Economics 4
• 3. The Principle of Effective Demand 19
BOOK-II: DEFINITIONS AND IDEAS 29-70
• 4. The Choice of Units 31
• 5. Expectation as Determining Output and Employment 38
• 6. The Definition of Income, Saving and Investment 43
• Appendix on User Cost 54
• 7. The Meaning of Saving and InvestmentFurther Considered 62
BOOK-III: THE PROPENSITY TO CONSUME 71-106
• 8. The Propensity to Consume:I. The Objective Factors 73
• 9. The Propensity to Consume: II. The Subjective Factors 87
• 10. The Marginal Propensity to Consume and the Multiplier 92
BOOK-IV: THE INDUCEMENT TO INVEST 107-204
• 11. The Marginal Efficiency of Capital 109
• 12. The State of Long-term Expectation 118
• 13. The General Theory of the Rate of Interest 132
• 14. The Classical Theory of the Rate of Interest 140
• Appendix on the Rate of Interest in Marshall and Ricardo 149
• 15. The Psychological and Business Incentives to Liquidity 157
• 16. Sundry Observations on the Nature of Capital 169
• 17. The Essential Properties of Interest and Money 179
• 18. The General Theory of Employment Re-stated197
BOOK-V: MONEY-WAGES AND PRICES 205-249
• 19. Changes in Money-Wages 207
• Appendix to Prof. Pigou’s Theory of Unemployment 219
• 20. The Employment Function 227
• 21. The Theory of Prices 236
BOOK-VI: SHORT NOTES SUGGESTED BY THE GENERAL THEORY 251-311
• 22. Notes on the Trade Cycle 253
• 23. Notes on Mercantilism, the Usury Laws, Stamped Money and Theories of Under-Consumption 269
• 24. Concluding Notes on the Social Philosophy towards which the General Theory might Lead 302