General Theory Of Employment , Interest And Money

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Atlantic Publishers & Dist, 2016 - 400 halaman
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John Maynard Keynes Is The Great British Economist Of The Twentieth Century Whose Hugely Influential Work The General Theory Of Employment, Interest And Money Is Undoubtedly The Century S Most Important Book On Economics Strongly Influencing Economic Theory And Practice, Particularly With Regard To The Role Of Government In Stimulating And Regulating A Nation S Economic Life. Keynes S Work Has Undergone Significant Revaluation In Recent Years, And Keynesian Views Which Have Been Widely Defended For So Long Are Now Perceived As At Odds With Keynes S Own Thinking. Recent Scholarship And Research Has Demonstrated Considerable Rivalry And Controversy Concerning The Proper Interpretation Of Keynes S Works, Such That Recourse To The Original Text Is All The More Important. Although Considered By A Few Critics That The Sentence Structures Of The Book Are Quite Incomprehensible And Almost Unbearable To Read, The Book Is An Essential Reading For All Those Who Desire A Basic Education In Economics. The Key To Understanding Keynes Is The Notion That At Particular Times In The Business Cycle, An Economy Can Become Over-Productive (Or Under-Consumptive) And Thus, A Vicious Spiral Is Begun That Results In Massive Layoffs And Cuts In Production As Businesses Attempt To Equilibrate Aggregate Supply And Demand. Thus, Full Employment Is Only One Of Many Or Multiple Macro Equilibria. If An Economy Reaches An Underemployment Equilibrium, Something Is Necessary To Boost Or Stimulate Demand To Produce Full Employment. This Something Could Be Business Investment But Because Of The Logic And Individualist Nature Of Investment Decisions, It Is Unlikely To Rapidly Restore Full Employment. Keynes Logically Seizes Upon The Public Budget And Government Expenditures As The Quickest Way To Restore Full Employment. Borrowing The Money To Finance The Deficit From Private Households And Businesses Is A Quick, Direct Way To Restore Full Employment While At The Same Time, Redirecting Or Siphoning Off The Funds From The Private Sector Which Caused The Over-Production Is In The First Place. Keynes S Theory Is Unquestionably Significant In Understanding Of Modern Economics. Far From Being Destructive, It Alone Has Been Responsible For Nearly 60 Years Of Growth Without A Major Depression As We Experienced Worldwide In The 1930S.While The Present Book Is Indispensable For The Students, Researchers And Teachers Of Economics, It Is Highly Useful For The General Readers Keenly Interested In Understanding Nation S Economy.
 

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The General Theory
3
The Postulates of the Classical Economics
4
The Principle of Effective Demand
21
DEFINITIONS AND IDEAS
31
The Choice of Units
33
Expectation as Determining Output and Employment
41
The Definition of Income Saving and Investment
47
The Meaning of Saving and Investment Further Considered
68
The General Theory of the Rate of Interest
148
The Classical Theory of the Rate of Interest
157
The Psychological and Business Incentives to Liquidity
176
Sundry Observations on the Nature of Capital
190
The Essential Properties of Interest and Money
201
The General Theory of Employment Restated
221
MONEYWAGES AND PRICES
231
Changes in MoneyWages
233

THE PROPENSITY TO CONSUME
79
The Propensity to Consume I The Objective Factors
81
The Propensity to Consume II The Subjective Factors
97
The Marginal Propensity to Consume and the Multiplier
102
THE INDUCEMENT TO INVEST
119
The Marginal Efficiency of Capital
121
The State of Longterm Expectation
132
The Employment Function1
256
The Theory of Prices
267
SHORT NOTES SUGGESTED BY THE GENERAL THEORY
283
Notes on the Trade Cycle
285
Notes on Mercantilism the Usury Laws Stamped Money and Theories of UnderConsumption
303
Concluding Notes on the Social Philosophy towards which the General Theory might Lead
341
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John Maynard Keynes, an English economist, is regarded as the most important and influential economist of the twentieth century, if not of all time. A brilliant child, he wrestled with the economic meaning of interest before he was 5 years old. He excelled both as a student and as a member of the debating team at Eton. His reputation at King's College at Cambridge University was such that he was invited to weekly breakfasts with economist A. C. Pigou, and even Alfred Marshall begged him to become a professional economist. He was elected president of the Union, the most important nongovernmental debating society in the world, and his close friends included the intellectual members of the Bloomsbury group. Keynes was described as a phenomenon---and all of this took place before he graduated from Cambridge. After graduating in 1905, Keynes took a civil service post in India. Bored with his job, he resigned and returned to Cambridge to teach. In 1912 he assumed the editorship of the Economic Journal, the leading journal in Britain at the time, continuing in the post for 33 years. His first major book, Indian Currency and Finance (1913), was an immediate success. He took part in the Paris Peace Conference as a representative of the Treasury. Later he held several other government advisory posts, served as a director of the Bank of England, and was president of an insurance company. In addition, Keynes was a noted patron of the arts and married the most beautiful and popular ballerina of his era. As if this weren't enough, he managed to amass a small fortune by investing in stocks and foreign currencies in his spare time. At the Paris Peace Conference, Keynes became so dismayed by the harsh terms imposed on Germany in the Treaty of Versailles that he resigned in anger several days before the treaty was signed. He then wrote The Economic Consequences of the Peace (1919), which outlined the folly of the treaty. Being a man of many interests, Keynes next took a brief break from economics to publish A Treatise on Probability (1921), which Bertrand Russell (see Vols. 4 and 5) described as "impossible to praise too highly." Keynes's A Tract on Monetary Reform (1923) was a rather technical book that questioned the value of the gold standard over a managed paper currency. A Treatise on Money (1930), which explored the business cycle, was followed by Essays in Persuasion (1931) and Essays in Biography (1933). The General Theory of Employment, Interest and Money, published in 1936, was Keynes's crowning achievement, and it took the world by storm. According to Keynes, the economy could be thought of as being divided into consumer, investment (or business), government, and foreign sectors. This was hardly a novel idea, but Keynes went on to postulate the exact nature of expenditures in each sector, especially the spending patterns of the consumer sector, which he portrayed by using a graph he called a "consumption function." He reasoned that fluctuations in total economic activity could be traced to instability in the business sector, which had a multiplier effect on the rest of the economy. The relationship specified in The General Theory were tantalizing to economists, because they could be tested and empirically verified. Subsequent research largely confirmed Keynes's propositions. Soon governments, including that of the United States, began to develop a set of national income accounts to provide estimates of gross national product and national income. The General Theory was also popular because it offered policy prescriptions to help deal with the problems of depression, recession, and unemployment. Today the term "Keynesian" is used to describe individuals or policies that use taxation and government spending to affect aggregate economic performance.

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