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The General Theory of Employment, Interest, and Money, by John Maynard Keynes
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Review
The General Theory is nothing less than an epic journey out of intellectual darkness. That, as much as its continuing relevance to economic policy, is what makes it a book for the ages. Read it, and marvel.' (Paul Krugman)
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About the Author
John Maynard Keynes (1883-1946) was an economist, mathematician, civil servant, educator, journalist, and a world-renowned author. His two great works, A Treatise on Money and The General Theory of Unemployment, Interest, and Money, revolutionized the study and practice of economics and changed monetary policy after World War II.
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Product details
Paperback: 403 pages
Publisher: Harcourt, Brace & World; First edition (May 12, 1965)
Language: English
ISBN-10: 9780156347112
ISBN-13: 978-0156347112
ASIN: 0156347113
Product Dimensions:
5.3 x 1 x 8 inches
Shipping Weight: 14.4 ounces (View shipping rates and policies)
Average Customer Review:
3.7 out of 5 stars
207 customer reviews
Amazon Best Sellers Rank:
#22,429 in Books (See Top 100 in Books)
This edition is very obviously printed on demand by a paperback mill and is actually harder to read because of it! It's filled with grammatical errors and inexplicable changes in font and size. Words are smooshed together and the charts are all pixelated and artifacted. It looks like a meme that your aunt would post on your facebook wall basically. Check out the bizarre acknowledgment at the beginning! Also no publisher is listed anywhere in the book and the printing date is the date I ordered it, haha
In spite of Keynes' caveat in the preface ("This book is chiefly addressed to my fellow economists. I hope that it will be intelligible to others.") I owed it to myself to give it a read. _The General Theory_ is dense reading. Fortunately, Keynes is clear in his exposition, his positions well articulated.As a non-economist, I was struck by several things. First was Keynes' demolition of "classical" economic theory on the means of increasing employment, political economy, and the relationship of supply to demand. (Think Say, Malthus, and especially Ricardo and Pigou.) This was totally unexpected, but given the revolutionary nature of his argument, entirely understandable. Second, I was stuck by the way in which Keynes structures his theory - it was much more reminiscent of philosophy than economics, as the terms Keynes uses are first clearly defined and deliniated before the relationship between ideas (and his postulates on the cause and effect between them) is discussed. Lastly, I was pleasantly suprised by the wit and cleverness of his writing.That said, I found it difficult reading, primarily because I am not fluent with many of the concepts Keynes discusses (the "elaasticity of effective demand" as it relates to the Quantity Theory of Money for example). WIth patience, plenty of revisiting the definitions of economic terms and careful deliberate thought, I was able to follow the gist of Keynes' General Theory. It made for slow going. Whether you agree (or not) with Keynes' theories have become as much a political exercise as an economic one, and are waters I'd rather not wade into here. In terms of the merits of the book, for the lay reader, you really have to want it to wade through it - it may be suprising at how poorly represented Keynes' ideas are represented in the popular imagination (for example, that Keynes supported deficit finance). That alone an incentive for giving _The General Theory_ a try.
This is a foundational book for anyone interested in the development of economics, particularly macroeconomics. This book, and Keynes more generally, was hugely influential on many of the policy decisions in the US and Britain during the first half the 20th century, and it (and he) continues to be influential today in a variety of forms. So-- good stuff, despite some of its more difficult sections.This edition is bunk, though. I think it's one of those quick-print versions where a publishing company takes a text available through public domain and prints you a copy when you order it. That's probably fine in itself, but this one is missing all of the footnotes, where (I hear!) Keynes conducts a lot of his argument with his contemporary economists. Page 81 even references them: "My running comments on the above [topic] have been made in the footnotes." But no footnotes!This particular edition is also large (~7.5"x10") with fairly small print, making a less than ideal physical reading experience. It's skinny, too, squeezing more than 400 pages worth of material into 167 pages. I don't know about you, but I really like being able to turn the pages more often than I can here. Turning makes me feel like I'm making progress.There is ample room in the margins and other white space for your own notes, though, which is a plus.
I learned more about economics in this one book than in all my other economics reading before, including two courses in college. I didn't understand it all, I didn't want to understand all that about the rate of interest, but I was shocked at Keyne's focus on employment, the propensity to consume, the multiplier, and so much more. I thrilled to see the arch of his argument, that the classical theory deals only with the special case of full employment, even assumes it. Actually, I read this twice, the first as part of The Essential Keynes, ed. Skidelsky. The excerpts were so good I wanted to read the whole thing. There's so much more to read. Next, Minsky.
The text was incredibly small with a 2 inch margin on the top of pages. The formatting on equations was unintelligible. This looks like an illegal reprinting of this book.
The paper back Stellar Editions is a large format, very small print, and has no footnotes.The "Look inside" is deceiving, I don't know why they use that illustration.Disappointing!
I don't care for Keynes' theory, but you have to read it if you want to understand government policy
Definitely well written, even for economic standards. Would recommend reading this to all citizens who wish to change their perceptions upon the great misunderstandings we are so prone to in economics. A must for students of economics and a prerequisite for entering politics.
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