The general theory of employment interest and money pdf
Auftragsdigitalisierung / The general theory of employment, interest and moneyIt created a profound shift in economic thought, giving macroeconomics a central place in economic theory and contributing much of its terminology  — 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.
Macro: Unit 2.6 -- Classical v. Keynesian Theories
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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