In 1936 Keynes published the most provocative book written by any economist of his generation. The General Theory, as it is known to all economists, cut through all the Gordian Knots of pre-Keynesian discussion of the trade cycle and propounded a new approach to the determination of the level of economic activity, the problems of employment and unemployment, the causes of inflation, the strategies of budgetary policy. Arguments about the book continued until his death in 1946 and still continue today. Despite all that has been written in the subsequent years, Keynes and his book still represent the turning-point between the old economics and the new from which each generation of economists needs to take its inspiration and its point of departure towards fresh attempts to carry his work further.
This new edition features a new Introduction by Paul Krugman which discusses the significance and continued relevance of The General Theory.
'The General Theory is nothing less than an epic journey out of intellectual darkness. That, as much as its continuing relevance to economic policy, is what makes it a book for the ages. Read it, and marvel.' - From the introduction by Paul Krugman
Introduction to the 2007 Edition; P.Krugman
BOOK 1: INTRODUCTION
The General Theory
The Postulates of the Classical Economics
The Principle of Effective Demand
BOOK 2: DEFINITIONS AND IDEAS
The Choice of Units
Expectation as Determining Output and Employment
The Definition of Income, Saving and Investment
The Meaning of Saving and Investment Further Considered
BOOK 3: THE PROPENSITY TO CONSUME
The Propensity to Consume: I. The Objective Factors
The Propensity to Consume: II. The Subjective Factors
The Marginal Propensity to Consume and the Multiplier
BOOK 4: THE INDUCEMENT TO INVEST
The Marginal Efficiency of Capital
The State of Long-term Expectation
The General Theory of the Rate of Interest
The Classical Theory of the Rate of Interest
The Psychological and Business Incentives to Liquidity
Sundry Observations on the Nature of Capital
The Essential Properties of Interest and Money
The General Theory of Employment Re-stated
BOOK 5: MONEY-WAGES AND PRICES
Changes in Money-Wages
The Employment Function
The Theory of Prices
BOOK 6: SHORT NOTES SUGGESTED BY THE GENERAL THEORY
Notes on the Trade Cycle
Notes on Mercantilism, The Usury Laws, Stamped Money and Theories of Under-consumption
Concluding Notes on the Social Philosophy Towards which the General Theory Might Lead
JOHN MAYNARD KEYNES was born in Cambridge in 1883, son of John Neville Keynes, later registrary of the university; his mother was one of the earliest women students. Educated at Eton and King's, he passed into the Civil Service in 1906, working for three years in the India office. He returned to Cambridge as a Fellow of King's in 1909 and remained a Fellow until his death.
Description
In 1936 Keynes published the most provocative book written by any economist of his generation. The General Theory, as it is known to all economists, cut through all the Gordian Knots of pre-Keynesian discussion of the trade cycle and propounded a new approach to the determination of the level of economic activity, the problems of employment and unemployment, the causes of inflation, the strategies of budgetary policy. Arguments about the book continued until his death in 1946 and still continue today. Despite all that has been written in the subsequent years, Keynes and his book still represent the turning-point between the old economics and the new from which each generation of economists needs to take its inspiration and its point of departure towards fresh attempts to carry his work further.
This new edition features a new Introduction by Paul Krugman which discusses the significance and continued relevance of The General Theory.
Reviews
'The General Theory is nothing less than an epic journey out of intellectual darkness. That, as much as its continuing relevance to economic policy, is what makes it a book for the ages. Read it, and marvel.' - From the introduction by Paul Krugman
Contents
Introduction to the 2007 Edition; P.Krugman
BOOK 1: INTRODUCTION
The General Theory
The Postulates of the Classical Economics
The Principle of Effective Demand
BOOK 2: DEFINITIONS AND IDEAS
The Choice of Units
Expectation as Determining Output and Employment
The Definition of Income, Saving and Investment
The Meaning of Saving and Investment Further Considered
BOOK 3: THE PROPENSITY TO CONSUME
The Propensity to Consume: I. The Objective Factors
The Propensity to Consume: II. The Subjective Factors
The Marginal Propensity to Consume and the Multiplier
BOOK 4: THE INDUCEMENT TO INVEST
The Marginal Efficiency of Capital
The State of Long-term Expectation
The General Theory of the Rate of Interest
The Classical Theory of the Rate of Interest
The Psychological and Business Incentives to Liquidity
Sundry Observations on the Nature of Capital
The Essential Properties of Interest and Money
The General Theory of Employment Re-stated
BOOK 5: MONEY-WAGES AND PRICES
Changes in Money-Wages
The Employment Function
The Theory of Prices
BOOK 6: SHORT NOTES SUGGESTED BY THE GENERAL THEORY
Notes on the Trade Cycle
Notes on Mercantilism, The Usury Laws, Stamped Money and Theories of Under-consumption
Concluding Notes on the Social Philosophy Towards which the General Theory Might Lead
Authors
JOHN MAYNARD KEYNES was born in Cambridge in 1883, son of John Neville Keynes, later registrary of the university; his mother was one of the earliest women students. Educated at Eton and King's, he passed into the Civil Service in 1906, working for three years in the India office. He returned to Cambridge as a Fellow of King's in 1909 and remained a Fellow until his death.
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