The General Theory of Employment, Interest, and Money by John Maynard Keynes

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The General Theory of Employment, Interest, and Money by John Maynard Keynes
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The General Theory of Employment, Interest, and Money by John Maynard Keynes

Keynes profoundly influenced the New Deal and created the basis for classic economic theory. “I can think of no single book that has so changed the conception held by economists as to the working of the capitalist system” (Robert L. Heilbroner).

Distinguished British economist John Maynard Keynes (1883-1946) set off a series of movements that drastically altered the ways in which economists view the world. In his most important work, The General Theory of Employment, Interest, and Money (1936), Keynes critiqued the laissez-faire policies of his day, particularly the proposition that a normally functioning market economy would bring full employment. Keynes’s forward-looking work transformed economics from merely a descriptive and analytic discipline into one that is policy oriented. For Keynes, enlightened government intervention in a nation’s economic life was essential to curbing what he saw as the inherent inequalities and instabilities of unregulated capitalism.

The General Theory of Employment, Interest, and Money by John Maynard Keynes is one of Paul Krugman’s favorite books.