The General Theory of Employment, Interest, and Money
By
John Maynard Keynes
The General Theory of Employment, Interest, and Money
John Maynard Keynes
Table of Contents
– PREFACE
– PREFACE TO THE GERMAN EDITION
– PREFACE TO THE JAPANESE EDITION
– PREFACE TO THE FRENCH EDITION
Book I: Introduction
1. THE GENERAL THEORY
2. THE POSTULATES OF THE CLASSICAL ECONOMICS
3. THE PRINCIPLE OF EFFECTIVE DEMAND
Book II: Definitions and Ideas
4. THE CHOICE OF UNITS
5. EXPECTATION AS DETERMINING OUTPUT AND EMPLOYMENT
6. THE DEFINITION OF INCOME, SAVING AND INVESTMENT
O APPENDIX ON USER COST
7. THE MEANING OF SAVING AND INVESTMENT FURTHER CONSIDERED
Book III: The Propensity to Consume
8. THE PROPENSITY TO CONSUME: I. THE OBJECTIVE FACTORS
9. THE PROPENSITY TO CONSUME: II. THE SUBJECTIVE FACTORS
10. THE MARGINAL PROPENSITY TO CONSUME AND THE MULTIPLIER
Book IV: The Inducement to Invest
11. THE MARGINAL EFFICIENCY OF CAPITAL
12. THE STATE OF LONG-TERM EXPECTATION
13. THE GENERAL THEORY OF THE RATE OF INTEREST
14. THE CLASSICAL THEORY OF THE RATE OF INTEREST
O APPENDIX ON THE RATE OF INTEREST IN MARSHALL’S PRINCIPLES OF ECONOMICS, RICARDO’S PRINCIPLES OF POLITICAL ECONOMY, AND ELSEWHERE
15. THE PSYCHOLOGICAL AND BUSINESS INCENTIVES TO LIQUIDITY
16. SUNDRY OBSERVATIONS ON THE NATURE OF CAPITAL
17. THE ESSENTIAL PROPERTIES OF INTEREST AND MONEY
18. THE GENERAL THEORY OF EMPLOYMENT RE-STATED
Book V: Money-wages and Prices
19. CHANGES IN MONEY-WAGES
O PROFESSOR PIGOU’S ‘THEORY OF UNEMPLOYMENT’
20. THE EMPLOYMENT FUNCTION
21. THE THEORY OF PRICES
Short Notes Suggested by the General Theory
22. NOTES ON THE TRADE CYCLE
23. NOTES ON MERCANTILISM, THE USURY LAWS, STAMPED MONEY AND THEORIES OF UNDER-CONSUMPTION
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24. CONCLUDING NOTES ON THE SOCIAL PHILOSOPHY TOWARDS WHICH THE GENERAL THEORY MIGHT LEAD
– Appendix 1
– Appendix 2
– Appendix 3
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PREFACE
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 been erected with great care for logical consistency, but in a lack of clearness and of generality in the pre misses. Thus I cannot achieve my object of persuading economists to re-examine critically certain of their basic assumptions except by a highly abstract argument and also by much controversy. I wish there could have been less of the latter. But I have thought it important, not only to explain my own point of view, but also to show in what respects it departs from the prevailing theory. Those, who are strongly wedded to what I shall call ‘the classical theory’, will fluctuate, I expect, between a belief that I am quite wrong and a belief that I am saying nothing new. It is for others to determine if either of these or the third alternative is right. My controversial passages are aimed at providing some material for an answer; and I must ask forgiveness if, in the pursuit of sharp distinctions, my controversy is itself too keen.
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