The General Theory of Employment, Interest and Money 🔑 By John Maynard Keynes. FULL Audiobook

The General Theory of Employment, Interest and Money. By John Maynard Keynes. Full Audiobook "The General Theory of Employment, Interest and Money" is a book written by John Maynard Keynes, an English economist, and published in February 1936. The book caused a profound shift in economic thought, giving macroeconomics a central place in economic theory and contributing much of its terminology - the "Keynesian Revolution" . The book is a sustained attack on the classical economics orthodoxy of its time. It introduced the concepts of the consumption function, the principle of effective demand and liquidity preference, and gave new prominence to the multiplier and the marginal efficiency of capital . The central argument of the book is that the level of employment is determined not by the price of labor, as in classical economics, but by the level of aggregate demand. If the total demand for goods at full employment is less than the total output, then the economy has to contract until equality is achieved. Keynes thus denied that full employment was the natural result of competitive markets in equilibrium. In this he challenged the conventional ('classical') economic wisdom of his day . The book is pervaded with an air of mistrust for the rationality of free-market decision making. Keynes denied that an economy would automatically adapt to provide full employment even in equilibrium, and believed that the volatile and ungovernable psychology of markets would lead to periodic booms and crises . The book 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 . The book is divided into seven parts, each part consisting of several chapters. The first part deals with the general nature of the theory and its relation to other aspects of economic theory. The second part deals with the definition and measurement of employment, unemployment, and the labor force. The third part deals with the relationship between wages and employment. The fourth part deals with the theory of money and interest. The fifth part deals with the role of government in the economy. The sixth part deals with the relationship between saving and investment. The seventh part deals with the relationship between the rate of interest and the marginal efficiency of capital . In conclusion, "The General Theory of Employment, Interest and Money" is a seminal work in the field of economics. It challenged the conventional economic wisdom of its day and introduced new concepts that have become central to modern macroeconomic theory. The book's influence can be seen in the policies of governments around the world, and it remains a must-read for anyone interested in the study of economics .. More: John Maynard Keynes, The General Theory of Employment, Interest and Money macroeconomics, economic thought, Keynesian Revolution Great Depression, monetary policy, economics Harcourt, Brace, Jovanovich Kissimmee, Signalman Pub, The Macat Library 00:00:00 Preface 00:06:33 Book I. Introduction. 1. The General Theory 00:07:34 2. The Postulates of the Classical Economics 00:39:37 3. The Principle of Effective Demand 00:59:30 Book II. Definitions and Ideas. 4. The Choice of Units 01:13:01 5. Expectation as Determining Output and Employment 01:23:17 6. The Definition of Income, Saving and Investment 01:48:38 Appendix on User Cost 02:05:48 7. The Meaning of Saving and Investment Further Considered 02:26:57 Book III. The Propensity to Consume. 8. The Propensity to Consume: I. The Objective Factors 03:02:45 9. The Propensity to Consume: II. The Subjective Factors 03:12:08 10. The Marginal Propensity to Consume and the Multiplier 03:46:01 Book IV. The Inducement to Invest. 11. The Marginal Efficiency of Capital 04:07:32 12. The State of Long-Term Expectation 04:39:56 13. The General Theory of the Rate of Interest 04:57:03 14. The Classical Theory of the Rate of Interest 05:15:34 Appendix to Chapter 14 05:30:53 15. The Psychological and Business Incentives To Liquidity 06:00:53 16. Sundry Observations on the Nature of Capital 06:23:31 17. The Essential Properties of Interest and Money 07:06:28 18. The General Theory of Employment Re-Stated 07:24:48 Book V. Money, Wages and Prices. 19. Changes in Money-Wages 07:53:17 Appendix to Chapter 19. Professor Pigou’s “Theory of Unemployment” 08:12:20 20. The Employment Function 08:33:02 21. The Theory of Prices 09:07:44 Book VI. Short Notes Suggested by the General Theory. 22. Notes on the Trade Cycle 09:45:23 23. Notes on Mercantilism) The Usury Laws, Stamped Money and Theories of Under Consumption 10:59:33 24. Concluding Notes on the Social Philosophy towards which the General Theory might Lead