The General Theory of Employment, Interest, and Money by John Maynard KeynesDistinguished 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. Keyness 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 nations economic life was essential to curbing what he saw as the inherent inequalities and instabilities of unregulated capitalism.
Keynesian Theory of Income and Employment (HINDI)
The General Theory of Employment, Interest, and Money
As per Keynes theory of employment, effective demand signifies the money spent on the consumption of goods and services and on investment. The total expenditure is equal to the national income, which is equivalent to the national output. Therefore, effective demand is equal to total expenditure as well as national income and national output. The theory of Keynes was against the belief of classical economists that the market forces in capitalist economy adjust themselves to attain equilibrium. He has criticized classical theory of employment in his book. Keynes not only criticized classical economists, but also advocated his own theory of employment. His theory was followed by several modern economists.
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Keynes asserted that the link between the money stock and the level of national income was weak and that the effect of the money supply on prices was virtually nil—at least…. It was only later, in The General Theory of Employment, Interest and Money , that Keynes provided an economic basis for government jobs programs as a solution to high unemployment. The General Theory , as it has come to be called, is one of the most influential economics books in history, yet…. This insight, combined with a growing consensus that government should try to stabilize employment, has led to much…. In his General Theory of Employment, Interest and Money —36 he endeavoured to show that a capitalist economy with its decentralized market system does not automatically generate full employment and stable prices and that governments should pursue deliberate stabilization policies. There has been much controversy among economists….