The Heresies Of Lord John

Maynard Keynes, Baron Of

Tilton.
 John Maynard Keynes

He was born in 1883, the same year Karl Marx

passed away. He was the man who solved the problem of
the Great Depression where there seemed to be no end
to it, no turning point, no relief.
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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, giving
macroeconomics a central place in economic theory and contributing
much of its terminology – the "Keynesian Revolution". It had equally
powerful consequences in economic policy, being interpreted as
providing theoretical support for government spending in general, and
for budgetary deficits, monetary intervention, and counter-cyclical
policies in particular. It is pervaded with an air of mistrust for the
rationality of free-market decision-making.

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GENERAL THEORY OF EMPLOYMENT, INTEREST, AND MONEY

General Theory Of Employment, Interest, and Money

by Keynes which was published in 1936, was
revolutionary. Despite its technical aspects such as
algebra, abstraction, and differential calculus, it stood on
par with the Wealth of Nations and Das Capital.

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 GLOOMY DIAGNOSIS OF KEYNES BOOK

First, that an economy in depression

might well stay there; there was no inherent
in the situation to pull it out.

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 GLOOMY DIAGNOSIS OF KEYNES BOOK

Second, that prosperity depended on

investment for if savings were not put to
use, the dread spiral of contraction began.

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 GLOOMY DIAGNOSIS OF KEYNES BOOK

Third, that investment was an

undependable drive wheel for the
economy, through no fault of the
businessman it was constantly threatened
with satiety, and satiety spelled economic
shrinkage.
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Chapter 8: The Modern World
❧ Economic Possibilities for our Grandchildren
❧ General Theory Of Employment, Interest, and
Money

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 “
See you on your final
examination. Good
luck!

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 COVERAGE FOR THE FINAL EXAM

CHAPTER 5: Analytic Progress in the Late Nineteenth

Century

CHAPTER 6: Institutions, Innovations And

Imperfections In The Twentieth Century

CHAPTER 7: The Heresies of Lord John Maynard

Keynes, Baron of Tilton (1883-1946)

CHAPTER 8: Modern World

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