by John Maynard Keynes
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Product Description
In 1936 Keynes published the most provocative book written by any economist of his generation. Arguments about the book continued until his death in 1946 and still continue today. This new edition, published 70 years after the original, features a new introduction by Paul Krugman which discusses the significance and continued relevance of The General Theory.
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Average Customer Review:
0 of 1 people found the following review helpful:
 Economics of Failure, 2008-05-23
John Maynard Keynes is the collectivist's savior. Finally, the welfare statist thinks, someone who actually makes my ideas sound good to economists. Unfortunately, Keynes's theory is nothing new. It should be incredibly obvious to any non-professional that if a large entity (government) decides to spend a lot of money over a short period of time, then in the short term there will be very pleasurable effects. In the long term, however, a large sum of money spent by the government will have very harmful effects, distorting the price system and creating inflation, whereas a large sum of money spent by a private entity will have a sustained benefit on the economy.
1 of 1 people found the following review helpful:
 The Economics of Pessimism, 2008-05-09
One sometimes hears that money is the root of all evil. Keynes would agree, but not because of any animosity towards the profit motive (Keynes was definitely not a socialist and he even agreed with and endorsed Hayek's "The Road to Serfdom"), but because in an economy using money imbalances between the value in any currency of demand and the value of supply are possible.
Virtually all economists accept the price mechanism which speedily reconciles any imbalance between supply and demand. The macroeconomy is the sum of all markets and should therefore be more or less in equilibrium. The great French economist Jean-Baptiste Say formulated this in one of the rare laws in economics : every aggregate supply creates a corresponding aggregate demand. The law definitely holds in a barter economy, because even if products or services are not consumed they are lent out to others who will use them. Hoarding purchasing power by keeping money to put under the matress is impossible... without money.
Money makes it possible to have leakages of purchasing power because money received by selling goods or services is not spent. If money earned is not consumed it is by definition saved. Usually this would mean that these sums are made available to individuals or companies in need of capital so that savings are equal to investment. Any imbalance would be readjusted by a change in the interest rate.
Keynes pointed out that saving is not necessarily synonimous with investment viz. that savings can be hoarded as money and that there are good reasons for doing so.
1 of 1 people found the following review helpful:
review, 2008-05-05
A classic, definitely not an easy read. Keynes brings his economic phillosphies into the light. Not the kindest author but his chapter The Marginal Efficiency of Capital is epic and relivent today. Published in 1936, this book stands the test of time and allows you to develop a mental model of numerous business cycles. Who's reading Keynes? Warren Buffet, he quotes Keynes like everyone else quotes Shakespeare.
1 of 6 people found the following review helpful:
Please remember..., 2008-01-08
You must all please remember that Keynes was first-and-foremost a socialist. His overall goal in creating his theories was to "prove" that socialist economic theories could function in the world of the early 20th century. Read Keynes thru this screen, and you'll understand what he's attempting (unsuccessfully) to do.
I gave this book a 5 star rating for the following reason: if you can overcome it's dryness and reliance on theories of little substance, you will see that socialism at large is truely bunk. (having been educated formally in Keynsian theory, disproving it, and all it's socialist correlaries, is a passion of mine) Please remember as you read this; if socialism and Keynesian economics was a viable theory for governments to function, the governments of the entire old eastern communist block would still be alive and functioning in their pre-1992 forms, and quasi-socialist countries the world over would be growing ever larger than the US economy once they've moved out of their manufacturing based economies and joined us in competing with other service based economies. (They have not been able to effectively compete beyond certain stages of growth)
Keynes' theory doesn't work. His own writings are more theory and fantasy than reality.
0 of 3 people found the following review helpful:
The Hobo Philosopher, 2007-09-12
This is not the book for the beginner. Unless you know economics and economic terminology save this book for some time down the road.
Keynes did not write for the general reader. He was clearly an elitist economist. He may know what he is talking about but I doubt that you will. I didn't.
His "A Tract on Monetary Reform" is a little more intelligible but not much. He is obviously not a teacher and isn't trying to be one. Try Galbraith, Heilbroner, Samuelson, or William Greider or anybody else first.
If you think you know your economics and you are looking for a challenge - this is your man.
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