Keynes, John Maynard
General Theory of Employment, Interest and Money - New Delhi Atlantic Publishers and Distributors 2012 - 351
John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and Money is undoubtedly the century’s most important book on economics—strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation’s economic life. Keynes’s work has undergone significant revaluation in recent years, and “Keynesian” views which have been widely defended for so long are now perceived as at odds with Keynes’s own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes’s works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the money to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning off the funds from the private sector which caused the over-production is in the first place. Keynes’s theory is unquestionably significant in understanding of modern economics. Far from being destructive, it alone has been responsible for nearly 60 years of growth without a major depression as we experienced worldwide in the 1930s. While the present book is indispensable for the students, researchers and teachers of Economics, it is highly useful for the general readers keenly interested in understanding nation’s economy.
Contents:
Preface
Acknowledgments
Introduction
Book- I: Introduction
1. The General Theory
2. The Postulates of the Classical Economics
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
Appendix on User Cost
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
Appendix on the Rate of Interest in Marshall and Ricardo
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. Chances in Money-Wages
Appendix to Prof. Pigou's Theory of Unemployment
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
9788126906581
Allied Informatics, Jaipur
Economics
330.16 / KEY
General Theory of Employment, Interest and Money - New Delhi Atlantic Publishers and Distributors 2012 - 351
John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and Money is undoubtedly the century’s most important book on economics—strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation’s economic life. Keynes’s work has undergone significant revaluation in recent years, and “Keynesian” views which have been widely defended for so long are now perceived as at odds with Keynes’s own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes’s works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the money to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning off the funds from the private sector which caused the over-production is in the first place. Keynes’s theory is unquestionably significant in understanding of modern economics. Far from being destructive, it alone has been responsible for nearly 60 years of growth without a major depression as we experienced worldwide in the 1930s. While the present book is indispensable for the students, researchers and teachers of Economics, it is highly useful for the general readers keenly interested in understanding nation’s economy.
Contents:
Preface
Acknowledgments
Introduction
Book- I: Introduction
1. The General Theory
2. The Postulates of the Classical Economics
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
Appendix on User Cost
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
Appendix on the Rate of Interest in Marshall and Ricardo
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. Chances in Money-Wages
Appendix to Prof. Pigou's Theory of Unemployment
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
9788126906581
Allied Informatics, Jaipur
Economics
330.16 / KEY