By John Maynard Keynes
ISBN-10: 0156347113
ISBN-13: 9780156347112
Filenote: PDF is searchable photo ocr test, with web page numbers. PDF is 426 pages, back and front conceal. No link TOC.
Publish yr note: First released December thirteenth 1935.
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Distinguished British economist John Maynard Keynes (1883-1946) trigger a sequence of routine that vastly altered the ways that economists view the area.
In his most vital paintings, The common thought of Employment, curiosity, and funds (1936), Keynes critiqued the laissez-faire rules of his day, fairly the proposition typically functioning industry financial system might deliver complete employment.
Keynes's forward-looking paintings reworked economics from in simple terms a descriptive and analytic self-discipline into person who is coverage orientated. For Keynes, enlightened executive intervention in a nation's monetary lifestyles was once necessary to curtailing what he observed because the inherent inequalities and instabilities of unregulated capitalism.
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Additional resources for The General Theory of Employment, Interest, and Money
Example text
Thus the employment of an additional man will, if it occurs, necessarily involve a transfer of income from those previously in : work to the entrepreneurs. THE GENERAL THEORY OF EMPLOYMENT 18 sarily diminishes as employment is increased. i So long, indeed, as this proposition holds, any means of increasing employment must lead at the same time to a diminution of the marginal product and hence of the rate of wages measured in terms of this product. But when we have thrown over the second postulate, a decline in employment, although necessarily associated with labour's receiving a wage equal in value to a larger quantity of wage-goods, is not necessarily due to labour's demanding a larger quantity of wage-goods; and a willingness on the part of labour to accept lower money-wages is not necessarily a remedy for unemployment.
Robbins that he, almost alone, continues to maintain a consistent scheme of thought, his practical recommendations belonging to the same system as his theory. 2 POSTULATES OF THE CLASSICAL ECONOMICS 21 an individual, by which he enriches himself without apparently taking anything from anyone else, must also enrich the community as a whole; so that (as in the passage just quoted from Marshall) an act of individual saving inevitably leads to a parallel act of investment. For, once more, it is indubitable that the sum of the net increments of the wealth of individuals must be exactly equal to the aggregate net increment of the wealth of the community.
We shall call its propensity to ch. 3 THE PRINCIPLE OF EFFECTIVE DEMAND 29 N which the entre(3) The amount of labour preneurs decide to employ depends on the sum (D) of two quantities, namely x , the amount which the community is expected to spend on consumption, and t , the amount which it is expected to devote to new is what we have called above the investment. effective demand. * (N), where is the aggre* x + 2 (4) Since gate supply function, and since, as we have seen in (2) above, Dj is a function of N, which we may write x(N), depending on the propensity to consume, it follows D D D D D D 0(N)- x (N)-D,.
The General Theory of Employment, Interest, and Money by John Maynard Keynes
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