The General Theory of Employment, Interest, and Money

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The General Theory of Employment, Interest and Money is Keynes' masterpiece published right after the Great Depression. It sought to bring about a revolution, commonly referred to as the "Keynesian Revolution", in the way economists thought - especially challenging the proposition that a market economy tends naturally to restore itself to full employment on its own. Regarded widely as the cornerstone of Keynesian thought, this book challenged the established classical economics and introduced new concepts. It remains a relevant topic of debate to this day, perhaps more than ever. Given the economic turmoil of recent years, this debate is more heated than ever, between the Keynesian model of economics of Bush and Obama which favors bailouts and other government intervention to try to stabilize the market, and the Austrian school of economics which sees government intervention as detrimental and favors letting the market sort itself out on its own with minimal government interference. You decide.
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Dec 20, 2016
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Business & Economics / General
Business & Economics / Interest
Business & Economics / Labor
Business & Economics / Money & Monetary Policy
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There is, first of all, the distinction between that part of our belief which is rational and that part which is not. If a man believes something for a reason which is preposterous or for no reason at all, and what he believes turns out to be true for some reason not known to him, he cannot be said to believe it rationally, although he believes it and it is in fact true. On the other hand, a man may rationally believe a proposition to be probable, when it is in fact false. -from Chapter II: Probability in Relation to the Theory of Knowledge" His fame as an economist aside, John Maynard Keynes may be best remembered for saying, "In the long run, we are all dead." That phrase may well be the most succinct expression of the theory of probability every uttered. For a longer explanation of the premise that underlies much of modern mathematics and science, Keynes's A Treatise on Probability is essential reading. First published in 1920, this is the foundational work of probability theory, which helped establish the author's enormous influence on modern economic and even political theories. Exploring aspects of randomness and chance, inductive reasoning and logical statistics, this is a work that belongs in the library of any interested in numbers and their application in the real world. AUTHOR BIO: British economist JOHN MAYNARD KEYNES (1883-1946) also wrote The Economic Consequences of the Peace (1919), The End of Laissez-Faire (1926), The Means to Prosperity (1933), and General Theory of Employment, Interest and Money (1936).
John Maynard Keynes, then a rising young economist, participated in the Paris Peace Conference in 1919 as chief representative of the British Treasury and advisor to Prime Minister David Lloyd George. He resigned after desperately trying and failing to reduce the huge demands for reparations being made on Germany. The Economic Consequences of the Peace is Keynes' brilliant and prophetic analysis of the effects that the peace treaty would have both on Germany and, even more fatefully, the world.

A popular lecturer of economics at Cambridge University and editor of the Economic Journal, Keynes made The Economic Consequences of the Peace a major step in his career. It was translated into a dozen languages and sold 100,000 copies in six months. Taken seriously even by those who were opposed to his claims, the book helped lift economics to a new, higher level of recognition and acceptance. This volume, with its insightful portraits of Lloyd George, Georges Clemenceau, and Woodrow Wilson, remains one of the great works of political economy of our time.

In a penetrating introduction written for this new edition, David Felix explores Keynes' reasons for writing the book, analyzes the author's arguments, and paints an historical backdrop of the period during which it was written.

"The most important economic document relating to World War I and its aftermath."--John Kenneth Galbraith

"This is a very great book. Mr. Keynes writes with a fullness of knowledge, an incisiveness of judgment, and a penetration into the ultimate causes of economic events. The style is like finely hammered steel. It is full of unforgettable phrases and of vivid portraits etched in the biting acid of a passionate moral indignation."--H. J. Laski, The Nation

John Maynard Keynes (1883-1946) was one of the greatest economic theorists of the twentieth century. He was chairman of the liberal journal of opinion The Nation and economics advisor for more than thirty years to British governments. He wrote several books, including his masterpiece, The General Theory of Employment, Interest and Money, the two-volume Treatise on Money, and A Tract on Monetary Reform.

David Felix is professor of history emeritus at the City University of New York. His books include Biography of an Idea: John Maynard Keynes and The General Theory of Employment, Interest and Money and Keynes: A Critical Life.
Por primera vez, la obra de John Maynard Keynes, el economista más influyente del siglo XX, puesta a disposición del gran público.

Sin duda hoy la mayoría de los ciudadanos cree en el poder de los gobiernos y de las intervenciones públicas a la hora de evitar las depresiones, el desempleo masivo y el empobrecimiento. Sin embargo, prácticamente nadie sabe que esta idea, y su correspondiente desarrollo técnico, es de John Maynard Keynes, uno de los padres de la economía como ciencia, y probablemente el economista más citado, cuya obra, sin embargo, es para muchos desconocida.

Más de seis décadas después de su muerte, ¿qué queda de él y del keynesianismo? Para responder a esta pregunta, Joaquín Estefanía rescata, de sus Ensayos de persuasión, los textos de mayor calado político, accesibles a cualquier lector y enormemente representativos de la vigencia de Keynes.

En su amplia introducción a los siete ensayos que conforman la segunda parte de este libro, de impresionante actualidad en el siglo XXI, Joaquín Estefanía analiza en qué medida Keynes y su obra siguen siendo guías para el futuro. La lúcida semblanza que hace del creador de la macroeconomía retrata a éste como un pensador clave y contracorriente: «Keynes rechaza frontalmente el comunismo, no le gustan ni el conservadurismo ni el laborismo de su época, y cree que hay que hacer algo».

«Joaquín Estefanía y su relectura amena y estimulante de los textos más asequibles y certeros de John Maynard Keynes.»
Josep María Ureta, El Periódico de Catalunya

«Magistral crónica de las ideas, muy bien escrita, que contagia rápidamente al lector.»
Alternativas económicas

"The power to become habituated to his surroundings is a marked characteristic of mankind. Very few of us realise with conviction the intensely unusual, unstable, complicated, unreliable, temporary nature of the economic organisation by which Western Europe has lived for the last half century." - CHAPTER I-INTRODUCTORY As the most important figures in the history of economics, the work of John Maynard Keynes is nearly without precedent in the history of economics. THE ECONOMIC CONSEQUENCES OF PEACE, first published in 1919, achieved great notoriety due of its contemptuous critique of the French premier as well as President Woodrow Wilson. Keynes criticized the Allied victors for signing the Treaty of Versailles in 1920, which would have ruinous consequences for Europe. At the time, few world and economic leaders appreciated his criticisms as Keynes saw his worst fears realized in the rise of Adolf Hitler and the resulting devastation of World War II. JOHN MAYNARD KEYNES, 1883-1946, was born into an academic family. His father, John Nevile Keynes, was a lecturer at the University of Cambridge where he taught logic and political economy while his son was educated at Eton and Cambridge. Most importantly, Keynes revolutionized economics with his classic book, The General Theory of Employment, Interest and Money (1936). This work is generally regarded as perhaps the most influential social science treatise of the 20th Century, as it quickly and permanently changed the scope of economic thought. Interestingly, Keynes was a central member of the Bloomsbury Group, a collection of upper-class Edwardian aesthetes that served as his life outside of economics, which included Virginia Woolf, Clive Bell, and Lytton Strachey.
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