Table Of Content

Preface Page: v Preface to the German Edition Page: ix Preface to the Japanese Edition Page: xiii Preface to the French Edition Page: xv Contents Page: xxi Introduction by Paul Krugman Page: xxv The Message of Keynes Page: xxvi How Keynes Did It Page: xxviii Mr. Keynes and the Moderns Page: xxxiv Keynes in the Crisis Page: xxxviii What Keynes Missed Page: xl The Economist as Saviour Page: xlii Book I: Introduction Page: 1 1: The General Theory Page: 3 2: The Postulates of the Classical Economics Page: 5 I Page: 6 II Page: 8 III Page: 13 IV Page: 14 V Page: 16 VI Page: 17 VII Page: 20 3: The Principle of Effective Demand Page: 21 I Page: 21 II Page: 24 III Page: 29 Book II: Definitions and Ideas Page: 31 4: The Choice of Units Page: 33 I Page: 33 II Page: 34 III Page: 36 IV Page: 39 5: Expectation as Determining Output and Employment Page: 41 I Page: 41 II Page: 44 6: The Definition of Income, Saving and Investment Page: 47 I. Income Page: 47 II. Saving and Investment Page: 55 Appendix on User Cost Page: 58 I Page: 58 II Page: 62 III Page: 64 IV Page: 65 7: The Meaning of Saving and Investment Further Considered Page: 67 I Page: 67 II Page: 68 III Page: 69 IV Page: 71 V Page: 73 Book III: The Propensity to Consume Page: 77 8: The Propensity to Consume: I. The Objective Factors Page: 79 I Page: 79 II Page: 81 III Page: 85 IV Page: 87 9: The Propensity to Consume: II. The Subjective Factors Page: 95 I Page: 95 II Page: 97 10: The Marginal Propensity to Consume and the Multiplier Page: 101 I Page: 102 II Page: 103 III Page: 106 IV Page: 109 V Page: 111 VI Page: 114 Book IV: The Inducement to Invest Page: 117 11: The Marginal Efficiency of Capital Page: 119 I Page: 119 II Page: 121 III Page: 124 IV Page: 127 V Page: 128 12: The State of Long-Term Expectation Page: 129 I Page: 129 II Page: 130 III Page: 131 IV Page: 133 V Page: 134 VI Page: 139 VII Page: 141 VIII Page: 142 13: The General Theory of the Rate of Interest Page: 145 I Page: 145 II Page: 146 III Page: 151 IV Page: 152 V Page: 152 14: The Classical Theory of the Rate of Interest Page: 155 I Page: 155 Appendix to Chapter 14 Page: 163 Appendix on the Rate of Interest in Marshall’s Principles of Economics, Ricardo’s Principles of Page: 163 I Page: 163 II Page: 167 III Page: 169 15: The Psychological and Business Incentives to Liquidity Page: 171 I Page: 171 II Page: 175 III Page: 180 IV Page: 183 16: Sundry Observations on the Nature of Capital Page: 185 I Page: 185 II Page: 188 III Page: 191 IV Page: 193 17: The Essential Properties of Interest and Money Page: 195 I Page: 195 II Page: 198 III Page: 201 IV Page: 207 V Page: 210 VI Page: 212 18: The General Theory of Employment Re-Stated Page: 215 I Page: 215 II Page: 217 III Page: 219 Book V: Money-wages and Prices Page: 225 19: Changes in Money-wages Page: 227 I Page: 227 II Page: 230 III Page: 237 Appendix to Chapter 19 Page: 239 Professor Pigou’s Theory of Unemployment Page: 239 20: The Employment Function Page: 249 I Page: 249 II Page: 255 III Page: 258 IV Page: 260 21: The Theory of Prices Page: 261 I Page: 261 II Page: 263 III Page: 263 IV Page: 266 V Page: 270 VI Page: 271 VII Page: 273 Book VI: Short Notes Suggested by the General Theory Page: 277 22: Notes on the Trade Cycle Page: 279 I Page: 280 II Page: 281 III Page: 285 IV Page: 288 V Page: 290 VI Page: 290 VII Page: 292 23: Notes on Mercantilism, The Usury Laws, Stamped Money and Theories Of Under-Consumption Page: 297 I Page: 297 II Page: 299 III Page: 303 IV Page: 311 V Page: 312 VI Page: 314 VII Page: 318 24: Concluding Notes on the Social Philosophy Towards which the General Theory Might Lead Page: 331 I Page: 331 II Page: 333 III Page: 335 IV Page: 338 V Page: 340 Appendix 1 Page: 341 Appendix 2 Page: 343 (I) Consumers’ Durable Commodities Page: 344 (2) Residential Construction Page: 345 (3) Business Fixed Capital Page: 345 (4) Business Inventories Page: 346 (5) Public Construction and Borrowing Page: 347 (6) Foreign Investment Page: 348 (7) Aggregate Investment Page: 348 A Note to Appendix 2 Page: 352 Appendix 3 Page: 353 I Page: 361 II Page: 363 III Page: 364 IV Page: 365 V Page: 366 Afterword by Robert Skidelsky Page: 373 Appendix Page: 376 Index Page: 377

Description:

This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.