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The General Theory of Employment, Interest and Money: With the Economic Consequences of the Peace

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John Maynard Keynes (1883-1946) is perhaps the foremost economic thinker of the twentieth century. On economic theory, he ranks with Adam Smith and Karl Marx; and his impact on how economics was practiced, from the Great Depression to the 1970s, was unmatched. The General Theory of Employment, Interest and Money was first published in 1936. But its ideas had been forming fo John Maynard Keynes (1883-1946) is perhaps the foremost economic thinker of the twentieth century. On economic theory, he ranks with Adam Smith and Karl Marx; and his impact on how economics was practiced, from the Great Depression to the 1970s, was unmatched. The General Theory of Employment, Interest and Money was first published in 1936. But its ideas had been forming for decades - as a student at Cambridge, Keynes had written to a friend of his love for 'Free Trade and free thought'. Keynes's limpid style, concise prose, and vivid descriptions have helped to keep his ideas alive - as have the novelty and clarity, at times even the ambiguity, of his macroeconomic vision. He was troubled, above all, by high unemployment rates and large disparities in wealth and income. Only by curbing both, he thought, could individualism, 'the most powerful instrument to better the future', be safeguarded. The twenty-first century may yet prove him right. In The Economic Consequences of the Peace (1919), Keynes elegantly and acutely exposes the folly of imposing austerity on a defeated and struggling nation.


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John Maynard Keynes (1883-1946) is perhaps the foremost economic thinker of the twentieth century. On economic theory, he ranks with Adam Smith and Karl Marx; and his impact on how economics was practiced, from the Great Depression to the 1970s, was unmatched. The General Theory of Employment, Interest and Money was first published in 1936. But its ideas had been forming fo John Maynard Keynes (1883-1946) is perhaps the foremost economic thinker of the twentieth century. On economic theory, he ranks with Adam Smith and Karl Marx; and his impact on how economics was practiced, from the Great Depression to the 1970s, was unmatched. The General Theory of Employment, Interest and Money was first published in 1936. But its ideas had been forming for decades - as a student at Cambridge, Keynes had written to a friend of his love for 'Free Trade and free thought'. Keynes's limpid style, concise prose, and vivid descriptions have helped to keep his ideas alive - as have the novelty and clarity, at times even the ambiguity, of his macroeconomic vision. He was troubled, above all, by high unemployment rates and large disparities in wealth and income. Only by curbing both, he thought, could individualism, 'the most powerful instrument to better the future', be safeguarded. The twenty-first century may yet prove him right. In The Economic Consequences of the Peace (1919), Keynes elegantly and acutely exposes the folly of imposing austerity on a defeated and struggling nation.

30 review for The General Theory of Employment, Interest and Money: With the Economic Consequences of the Peace

  1. 5 out of 5

    Radu

    As far as economic theory is concerned, John Maynard-Keynes' The General Theory was both controversial and influential for many reasons at the time of its first edition being published and remains so in the current year for its radical avocation of government intervention in national economies. Although in many ways an oversimplified description it is easy to see that John Maynard-Keynes believed that to reduce human suffering and mass unemployment it was necessary for a national government to pr As far as economic theory is concerned, John Maynard-Keynes' The General Theory was both controversial and influential for many reasons at the time of its first edition being published and remains so in the current year for its radical avocation of government intervention in national economies. Although in many ways an oversimplified description it is easy to see that John Maynard-Keynes believed that to reduce human suffering and mass unemployment it was necessary for a national government to promote massive investment in public works whilst at the same time introducing a system of tax and loan schemes designed to artificially sustain the boom period of the business cycle. As with Marxist economics, however, modern developments in economic theory have highlighted the gaps in Keynes' theory; the general inefficiencies of massive government intervention in larger economies, the sudden need for increase in the money supply that gives rise to inflation, and other issues that go beyond the scope of a simple book review but are worth reading into for people interested in the subject. I gave this book as high a rating as I did firstly for its historical significance in how it helped me understand the economic theories popular during the 1930s, WWII and post-WWII era economies of both the Allied and Axis nations across the world, and secondly for understanding the root of the ideas advocated by modern Neo-Keynsian economists (such as Paul Krugman or George Soros).

  2. 5 out of 5

    Becky Snow

    I enjoyed this, but it was definitely a thick read at points. There is a lot of math in here and you have to keep the formulas in your head in order to understand the chapters. I ended up having formula notes on my bedside table to refer back to so I didn't have to keep flipping pages. I loved the break down of psychological factors and incentives to liquidity and that math. That section made a ton of sense to me. The lead up was very boring and difficult, but I get why I needed that information I enjoyed this, but it was definitely a thick read at points. There is a lot of math in here and you have to keep the formulas in your head in order to understand the chapters. I ended up having formula notes on my bedside table to refer back to so I didn't have to keep flipping pages. I loved the break down of psychological factors and incentives to liquidity and that math. That section made a ton of sense to me. The lead up was very boring and difficult, but I get why I needed that information to read the later chapters on unemployment function and stuff. I really loved "The Economic Consequences of Peace" what a fabulous little essay!! I was laughing a little to myself that it included a full five pages on dissing President Wilson. I know it's cool to hate on Wilson right now, but there was no mention of race or whatever in here, just general diss. It made me chuckle. Keynes, like many of the contemporary economists of the era of armistice, understood exactly what they were accomplishing with the Treaty of Paris, and that makes looking back so much more difficult, knowing what the situation precipitated. I appreciated Keynes bringing it into focus for me that the Treaty of Paris was such a huge win for post war France because it gave them that final kick in Germany's butt, especially after 1871. I never really looked at it in that way before. All in all, a long and difficult one that I'm glad I read but even more glad to be done with.

  3. 5 out of 5

    Reza Fajar

    Keynes said in his Introduction to his General Theory that this book was for his economist fellow. And he's right, because this book is full of many economy concept that was to catch up if you want to grasp fully the argument from Keynes. At the start, I think that I can catch up with the argument that Keynes want to propose, since I knew a little bit about what is the main argument about Keynesian Economy. But in the reading process, the book was hard to read for the person like me who doesn't Keynes said in his Introduction to his General Theory that this book was for his economist fellow. And he's right, because this book is full of many economy concept that was to catch up if you want to grasp fully the argument from Keynes. At the start, I think that I can catch up with the argument that Keynes want to propose, since I knew a little bit about what is the main argument about Keynesian Economy. But in the reading process, the book was hard to read for the person like me who doesn't too acquainted with many economic concept. I search many explanation about Keynesian Economics to help myself to understand this book, and I think this is so helpful for me for understanding this book's main line argument. I seems quite agree with his argument for the economy in the recession, that free market sometimes doesn't equilibriate itself; if it equilibriate itself, it takes long time, and "in the long run, we're all dead." His argument about liquidity-preference, propensity to consume, sticky wages and prices, and inducement to invest seems to be robust foundation for the main argument that government must breach the demand by spending if the recession happen, since recession is due to lack of aggregate demand, not supply.

  4. 4 out of 5

    Julius

    Das 30-seitige Vorwort des Herausgebers war sehr hilfreich, um die Schrift in den historischen Hintergrund einordnen zu können. Insbesondere wird auch noch einmal das zweite Buch in dieser Gesamtausgabe "The Economic Consequences of the Peace" kapitelweise zusammengefasst, in dem sich Keynes mit dem Friedensvertrag nach dem 1. Weltkrieg und den Reparationszahlungen auseinandersetzt, die Deutschland auferlegt wurden. Das erste Buch, "The General Theory" ist praktisch ein Lehrbuch, das sich - so sc Das 30-seitige Vorwort des Herausgebers war sehr hilfreich, um die Schrift in den historischen Hintergrund einordnen zu können. Insbesondere wird auch noch einmal das zweite Buch in dieser Gesamtausgabe "The Economic Consequences of the Peace" kapitelweise zusammengefasst, in dem sich Keynes mit dem Friedensvertrag nach dem 1. Weltkrieg und den Reparationszahlungen auseinandersetzt, die Deutschland auferlegt wurden. Das erste Buch, "The General Theory" ist praktisch ein Lehrbuch, das sich - so schreibt der Autor - vor allem an Professoren des Feldes und erst in zweiter Linie an die breite Öffentlichkeit richtet. So ist es auch geschrieben. Es war zwar interessant zu lesen, vor allem wie, aber inhaltlich wäre Sekundärliteratur für mich sinnvoller gewesen. Seine Eingangsankündigung war offensichtlich zutreffend.

  5. 5 out of 5

    brandon yoon

  6. 5 out of 5

    Salpi

  7. 4 out of 5

    Fabio Tuninetti

  8. 5 out of 5

    Douglas Hill

  9. 4 out of 5

    Ben

  10. 5 out of 5

    Vladislav

  11. 4 out of 5

    Janec Wisniewski

  12. 4 out of 5

    Paul Vittay

  13. 4 out of 5

    Ranieri Omenetto Arcella

  14. 4 out of 5

    Mikkel Nielsen

  15. 4 out of 5

    James Forder

  16. 4 out of 5

    Peter

  17. 5 out of 5

    Marcus

  18. 5 out of 5

    Angus Kottler

  19. 5 out of 5

    George

  20. 4 out of 5

    Emil

  21. 4 out of 5

    Aru Bhardwaj

  22. 4 out of 5

    Will Collins

  23. 5 out of 5

    Hamdi

  24. 4 out of 5

    Don

  25. 4 out of 5

    Chloe Coulson

  26. 5 out of 5

    Angelo Dineen

  27. 5 out of 5

    Tarif

  28. 5 out of 5

    Jovany Agathe

  29. 4 out of 5

    Rawad Khoueiry

  30. 4 out of 5

    Henry Silver

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