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The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money.
- Expectation as Determining Output and Employment
Cite this chapter. Keynes, J.M. (2018). Expectation as...
- The Psychological and Business Incentives to Liquidity
And, anyhow, the term ‘income-velocity of money’ carries...
- The State of Long-Term Expectation
We have seen in the previous chapter that the scale of...
- The Principle of Effective Demand
We need, to start with, a few terms which will be defined...
- The Classical Theory of The Rate of Interest
Cite this chapter. Keynes, J.M. (2018). The Classical Theory...
- The Marginal Efficiency of Capital
Cite this chapter. Keynes, J.M. (2018). The Marginal...
- Expectation as Determining Output and Employment
- John Maynard Keynes
- PREFACE
- PREFACE TO THE GERMAN EDITION
- PREFACE TO THE JAPANESE EDITION
- PREFACE TO THE FRENCH EDITION
- THE GENERAL THEORY
- THE POSTULATES OF THE CLASSICAL ECONOMICS
- II
- III
- IV
- VI
- VII
- THE PRINCIPLE OF EFFECTIVE DEMAND
- II
- III
- THE CHOICE OF UNITS
- II
- III
- IV
- EXPECTATION AS DETERMINING OUTPUT AND EMPLOYMENT
- II
- THE DEFINITION OF INCOME, SAVING AND INVESTMENT
- APPENDIX ON USER COST
- II
- III
- THE MEANING OF SAVING AND INVESTMENT FURTHER CONSIDERED
- II
- III
- IV
- THE PROPENSITY TO CONSUME: I. THE OBJECTIVE FACTORS
- II
- III
- IV
- THE PROPENSITY TO CONSUME: II. THE SUBJECTIVE FACTORS
- II
- THE MARGINAL PROPENSITY TO CONSUME AND THE MULTIPLIER
- II
- IV
- VI
- THE MARGINAL EFFICIENCY OF CAPITAL
- II
- III
- IV
- THE STATE OF LONG-TERM EXPECTATION
- II
- III
- IV
- VI
- VII
- VIII
- THE GENERAL THEORY OF THE RATE OF INTEREST
- II
- III
- IV
- THE CLASSICAL THEORY OF THE RATE OF INTEREST
- III
- THE PSYCHOLOGICAL AND BUSINESS INCENTIVES TO LIQUIDITY
- III
- SUNDRY OBSERVATIONS ON THE NATURE OF CAPITAL
- II
- III
- IV
- II
- III
- IV
- VI
- THE GENERAL THEORY OF EMPLOYMENT RE-STATED
- II
- III
- CHANGES IN MONEY-WAGES
- II
- III
- APPENDIX: PROFESSOR PIGOU'S 'THEORY OF UNEMPLOYMENT'
- THE EMPLOYMENT FUNCTION[1]
- II
- III
- IV
- DDwr = OrDpwr/(1 - eor) .
- THE THEORY OF PRICES
- II
- III
- IV
- VII
- Chapter 22
- II
- III
- IV
- VI
- VII
- Chapter 23
- II
- III
- CONCLUDING NOTES ON THE SOCIAL PHILOSOPHY TOWARDS WHICH THE GENERAL THEORY MIGHT LEAD
- II
- III
- IV
- FLUCTUATIONS IN NET INVESTMENT IN THE UNITED STATES
- TOTAL AND NET OUTSTANDING ISSUES OF PUBLIC DEBT
- II
- III
- IV
Table of Contents PREFACE PREFACE TO THE GERMAN EDITION PREFACE TO THE JAPANESE EDITION PREFACE TO THE FRENCH EDITION Book I: Introduction THE GENERAL THEORY THE POSTULATES OF THE CLASSICAL ECONOMICS THE PRINCIPLE OF EFFECTIVE DEMAND Book II: Definitions and Ideas THE CHOICE OF UNITS EXPECTATION AS DETERMINING OUTPUT AND EMPLOYMENT THE DEFINITION O...
This book is chiefly addressed to my fellow economists. I hope that it will be intelligible to others. But its main purpose is to deal with difficult questions of theory, and only in the second place with the applications of this theory to practice. For if orthodox economics is at fault, the error is to be found not in the superstructure, which has...
Alfred Marshall, on whose Principles of Economics all contemporary English economists have been brought up, was at particular pains to emphasise the continuity of his thought with Ricardo's. His work largely consisted in grafting the marginal principle and the principle of substitution on to the Ricardian tradition; and his theory of output and con...
Alfred Marshall, on whose Principles of Economics all contemporary English economists have been brought up, was at particular pains to emphasise the continuity of his thought with Ricardo's. His work largely consisted in grafting the marginal principle and the principle of substitution on to the Ricardian tradition; and his theory of output and con...
For a hundred years or longer, English Political Economy has been dominated by an orthodoxy. That is not to say that an unchanging doctrine has prevailed. On the contrary. There has been a progressive evolution of the doctrine. But its presuppositions, its atmosphere, its method have remained surprisingly the same, and a remarkable continuity has b...
I have called this book the General Theory of Employment, Interest and Money, placing the emphasis on the prefix general. The object of such a title is to contrast the character of my arguments and conclusions with those of the classical[1] theory of the subject, upon which I was brought up and which dominates the economic thought, both practical a...
Most treatises on the theory of value and production are primarily concerned with the distribution of a given volume of employed resources between different uses and with the conditions which, assuming the employment of this quantity of resources, determine their relative rewards and the relative values of their products[1]. The question, also, of ...
Is it true that the above categories are comprehensive in view of the fact that the population generally is seldom doing as much work as it would like to do on the basis of the current wage? For, admittedly, more labour would, as a rule, be forthcoming at the existing money-wage if it were demanded[4]. The classical school reconcile this phenomenon...
Though the struggle over money-wages between individuals and groups is often believed to determine the general level of real-wages, it is, in fact, concerned with a different object. Since there is imperfect mobility of labour, and wages do not tend to an exact equality of net advantage in different occupations, any individual or group of individua...
We must now define the third category of unemployment, namely 'involuntary' unemployment in the strict sense, the possibility of which the classical theory does not admit. Clearly we do not mean by 'involuntary' unemployment the mere existence of an unexhausted capacity to work. An eight-hour day does not constitute unemployment because it is not b...
From the time of Say and Ricardo the classical economists have taught that supply creates its own demand;—meaning by this in some significant, but not clearly defined, sense that the whole of the costs of production must necessarily be spent in the aggregate, directly or indirectly, on purchasing the product. In J.S. Mill's Principles of Political ...
At different points in this chapter we have made the classical theory to depend in succession on the assumptions: that the real wage is equal to the marginal disutility of the existing employment; that there is no such thing as involuntary unemployment in the strict sense; that supply creates its own demand in the sense that the aggregate demand pr...
I We need, to start with, a few terms which will be defined precisely later. In a given state of technique, resources and costs, the employment of a given volume of labour by an entrepreneur involves him in two kinds of expense: first of all, the amounts which he pays out to the factors of production (exclusive of other entrepreneurs) for their cur...
A brief summary of the theory of employment to be worked out in the course of the following chapters may, perhaps, help the reader at this stage, even though it may not be fully intelligible. The terms involved will be more carefully defined in due course. In this summary we shall assume that the money-wage and other factor costs are constant per u...
The idea that we can safely neglect the aggregate demand function is fundamental to the Ricardian economics, which underlie what we have been taught for more than a century. Malthus, indeed, had vehemently opposed Ricardo's doctrine that it was impossible for effective demand to be deficient; but vainly. For, since Malthus was unable to explain cle...
I In this and the next three chapters we shall be occupied with an attempt to clear up certain perplexities which have no peculiar or exclusive relevance to the problems which it is our special purpose to examine. Thus these chapters are in the nature of a digression, which will prevent us for a time from pursuing our main theme. Their subject-matt...
That the units, in terms of which economists commonly work, are unsatisfactory can be illustrated by the concepts of the national dividend, the stock of real capital and the general price-level: The national dividend, as defined by Marshall and Professor Pigou[1], measures the volume of current output or real income and not the value of output or m...
On every particular occasion, let it be remembered, an entrepreneur is concerned with decisions as to the scale on which to work a given capital equipment; and when we say that the expectation of an increased demand, i.e. a raising of the aggregate demand function, will lead to an increase in aggregate output, we really mean that the firms, which o...
It is easily shown that the conditions of supply, such as are usually expressed in terms of the supply curve, and the elasticity of supply relating output to price, can be handled in terms of our two chosen units by means of the aggregate supply function, without reference to quantities of output, whether we are concerned with a particular firm or ...
I All production is for the purpose of ultimately satisfying a consumer. Time usually elapses, however—and sometimes much time—between the incurring of costs by the producer (with the consumer in view) and the purchase of the output by the ultimate consumer. Meanwhile the entrepreneur (including both the producer and the investor in this descriptio...
This leads us to the relevance of this discussion for our present purpose. It is evident from the above that the level of employment at any time depends, in a sense, not merely on the existing state of expectation but on the states of expectation which have existed over a certain past period. Nevertheless past expectations, which have not yet worke...
I. Income During any period of time an entrepreneur will have sold finished output to consumers or to other entrepreneurs for a certain sum which we will designate as A. He will also have spent a certain sum, designated by A1, on purchasing finished output from other entrepreneurs. And he will end up with a capital equipment, which term includes bo...
I User cost has, I think, an importance for the classical theory of value which has been overlooked. There is more to be said about it than would be relevant or appropriate in this place. But, as a digression, we will examine it somewhat further in this appendix. An entrepreneur's user cost is by definition equal to A1 + (G' − B') − G, where A1 is...
User cost constitutes one of the links between the present and the future. For in deciding his scale of production an entrepreneur has to exercise a choice between using up his equipment now and preserving it to be used later on. It is the expected sacrifice of future benefit involved in present use which determines the amount of the user cost, and...
The reader should notice that, where the equipment is not obsolescent but merely redundant for the time being, the difference between the actual user cost and its normal value (i.e. the value when there is no redundant equipment) varies with the interval of time which is expected to elapse before the redundancy is absorbed. Thus if the type of equi...
I In the previous chapter saving and investment have been so defined that they are necessarily equal in amount, being, for the community as a whole, merely different aspects of the same thing. Several contemporary writers (including myself in my Treatise on Money) have, however, given special definitions of these terms on which they are not necessa...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
Is it the assumption of increasing marginal real cost in the short period which we ought to suspect? Mr Tarshis finds part of the explanation here; and Dr Kalecki is inclined to infer approximately constant marginal real cost. But there is an important distinction which we have to make. We should all agree that if we start from a level of output ve...
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
- 1936
La Teoría general del empleo, el interés y el dinero se considera la obra más destacada del economista británico John Maynard Keynes . En gran medida, creó la terminología de la moderna macroeconomía. Se publicó en 1936, en una época marcada por la Gran Depresión (1929-1932).
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...
1 de mar. de 2022 · The general theory of employment, interest, and money. by. Keynes, John Maynard, 1883-1946. Publication date. 2007. Topics. Economics, Money, Interest, Monetary policy. Publisher. Houndmills, Basingstoke, Hamshire ; New York, NY : Palgrave Macmillan.
The General Theory of Employment, Interest, and Money After 75 Years: The Importance of Being in the Right Place at the Right Time Matthew N. Luzzetti and Lee E. Ohanian NBER Working Paper No. 16631 December 2010 JEL No. E12,E32 ABSTRACT This paper studies why the General Theory had so much impact on the economics profession through
