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This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes' biographer Robert Skidelsky, this important work is made available to a new generation.
The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes' argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned.
John Maynard Keynes (1883-1946) is one of the most influential economists of modern times. Educated at Cambridge University, he returned to teach at, and become a fellow of, Kings College, Cambridge. In 1915 Keynes joined the UK Treasury and acted as an advisor to government for many years. His ideas are now known the world over as Keynesian economics.
Preface by John Maynard Keynes.- Preface to the German Edition. -Preface to the Japanese Edition. -Preface to the French Edition.- Introduction by Paul Krugman.- Book I Introduction.- 1 The General Theory.- 2 The Postulates of the Classical Eco.- 3 The Principle of Effective Demand.- Book II Definitions and Ideas.- 4 The Choice of Units. - 5 Expectation as Determining Output and Employment.- 6 The Definition of Income, Saving and Investment.- 7 The Meaning of Saving and Investment Further Considered.- Book III The Propensity to Consume.- 8 The Propensity to Consume: I. The Objective Factors.- 9 The Propensity to Consume: II. The Subjective Factors.- 10 The Marginal Propensity to Consume and the Multiplier.- Book IV The Inducement to Invest.- 11 The Marginal Efficiency of Capital.- 12 The State of Long-Term Expectation.- 13 The General Theory of the Rate of Interest.- 14 The Classical Theory of the Rate of Interest.- 15 The Psychological and Business Incentives to Liquidity.- 16 Sundry Observations on the Nature of Capital.- 17 The Essential Properties of Interest and Money.- 18 The General Theory of Employment Re-Stated.- Book V Money-wages and Prices.- 19 Changes in Money-wages.- 20 The Employment Function.- 21 The Theory of Prices.- Book VI Short Notes Suggested by the General Theory.- 22 Notes on the Trade Cycle.- 23 Notes on Mercantilism, The Usury Laws, Stamped Money and Theories Of Under-Consumption.- 24 Concluding Notes on the Social Philosophy Towards which the General Theory Might Lead.- Afterword by Robert Skidelsky.
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