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The General Theory of Employment, Interest and Money is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, [1] giving macroeconomics a central place in economic theory and contributing much of its terminology [2] – the "Keynesian Revolution".
John Maynard Keynes believed that the products of surplus countries should be taxed to avoid trade imbalances. [95] Thus he no longer believes in the theory of comparative advantage (on which free trade is based) which states that the trade deficit does not matter, since trade is mutually beneficial.
John Maynard Keynes was born in Cambridge, England, in June 1883 to an upper-middle-class family. His father, John Neville Keynes , was an economist and a lecturer in moral sciences at the University of Cambridge and his mother, Florence Ada Keynes , a local social reformer.
According to Keynes it is the principle of effective demand that determines the level of output and employment in a country. In chapter 3 of John Maynard Keynes's book The General Theory of Employment, Interest and Money , he defines the concept of effective demand as the point of intersection of these two aggregate functions—at this point of ...
The Economics of John Maynard Keynes: The Theory of Monetary Economy is a non-fiction work by Dudley Dillard which seeks to make The General Theory of Employment, Interest and Money by John Maynard Keynes understandable to both the economist and to the non-economist. It was first published in 1948.
In macroeconomic theory, liquidity preference is the demand for money, considered as liquidity.The concept was first developed by John Maynard Keynes in his book The General Theory of Employment, Interest and Money (1936) to explain determination of the interest rate by the supply and demand for money.
Instead of quoting a historical figure like Adam Smith, Daniel Kahneman or John Maynard Keynes, legendary investor Warren Buffett believes the most consequential words on modern economics came ...
A Treatise on Money is a two-volume book by English economist John Maynard Keynes published in 1930. Summary of the Work ... According to Keynes, a true measure of a ...