File Name: keynes theory of employment interest and money .zip
It caused 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 unleashed a devastating critique of classical macroeconomics and introduced a new replacement schema that defines macroeconomics. The success of the Keynesian revolution triggered a counter-revolution that restored the classical tradition and now enforces a renewed classical monopoly. That monopoly has provided the intellectual foundations for neoliberalism which has produced economic and political conditions echoing the s. Openness to Keynesian ideas seems to fluctuate with conditions, and current conditions are conducive to revival of the Keynesian revolution. However, a revival will have to overcome the renewed classical monopoly..
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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. John Maynard Keynes 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 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.
Keynes asserted that the link between the money stock and the level of national income was weak and that the effect of the money supply on prices was virtually nil—at least…. It was only later, in The General Theory of Employment, Interest and Money , that Keynes provided an economic basis for government jobs programs as a solution to high unemployment. The General Theory , as it has come to be called, is one of the most influential economics books in history, yet…. This insight, combined with a growing consensus that government should try to stabilize employment, has led to much…. In his General Theory of Employment, Interest and Money —36 he endeavoured to show that a capitalist economy with its decentralized market system does not automatically generate full employment and stable prices and that governments should pursue deliberate stabilization policies. There has been much controversy among economists…. In his influential work The General Theory of Employment, Interest, and Money , the liberal British economist John Maynard Keynes introduced an economic theory that argued that government management of the economy could smooth out the highs and lows of the business cycle to produce more or less consistent….
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As a result, the theory supports the expansionary fiscal policy. President Franklin D. Roosevelt used Keynesian economics to build his famous New Deal program. That meant an increase in spending would increase demand. Second, Keynes argued that government spending was necessary to maintain full employment.
K eynesian economics is a theory of total spending in the economy called aggregate demand and its effects on output and inflation. Although the term has been used and abused to describe many things over the years, six principal tenets seem central to Keynesianism. The first three describe how the economy works.
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Jacob Viner, Mr.Reply