The general theory of employment interest and money pdf

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the general theory of employment interest and money pdf

Auftragsdigitalisierung / The general theory of employment, interest and money

It created a profound shift in economic thought, giving macroeconomics a central place in economic theory and contributing much of its terminology [1] — the " Keynesian Revolution ". It had equally powerful consequences in economic policy, being interpreted as providing theoretical support for government spending in general, and for budgetary deficits, monetary intervention and counter-cyclical policies in particular. It is pervaded with an air of mistrust for the rationality of free-market decision making. Keynes denied that an economy would automatically adapt to provide full employment even in equilibrium, and believed that the volatile and ungovernable psychology of markets would lead to periodic booms and crises. The General Theory is a sustained attack on the classical economics orthodoxy of its time. It introduced the concepts of the consumption function , the principle of effective demand and liquidity preference , and gave new prominence to the multiplier and the marginal efficiency of capital. The central argument of The General Theory is that the level of employment is determined not by the price of labour, as in classical economics , but by the level of aggregate demand.
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Macro: Unit 2.6 -- Classical v. Keynesian Theories

The General Theory of Employment, Interest and Money is a highly significant work that marked a turning point in the development of modern economic theory.

The General Theory Of Employment, Interest And Money

This book was originally published by Macmillan in It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Skip to main content Skip to table of contents. Advertisement Hide. Front Matter Pages i-xliii. Front Matter Pages


The General Theory of Employment, Interest, and Money . money enters into the economic scheme in an essential and peculiar manner.
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    His book was a new understanding of money and markets.

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