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On May 23 of that year Keynes gave his famous BBC radio address, “Will Re-armament Cure Unemployment?” He said, in part: It is not an exaggeration to say that the end of abnormal unemployment is in sight. And it isn’t only the unemployed who will feel the difference.
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 General Theory is a sustained attack on the classical economics orthodoxy of its time.
- John Maynard Keynes
- 1936
May 31, 2024 · John Maynard Keynes was an English economist, journalist, and financier best known for his economic theories (Keynesian economics) on the causes of prolonged unemployment. His most important work, The General Theory of Employment, Interest and Money (1935–36), advocated a remedy for economic.
Apr 22, 2024 · In his seminal work, "The General Theory of Employment, Interest, and Money"—considered one of the most influential economics books in history—Keynes advocated for government intervention as a...
Jul 15, 2023 · Critique of Say's Law: Keynes challenged Say's Law, which states that supply creates its own demand. He argued that insufficient aggregate demand could lead to a situation of persistent unemployment, which cannot be resolved through market mechanisms alone.
John Maynard Keynes, 1st Baron Keynes, CB, FBA (/ k eɪ n z / KAYNZ; 5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.
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Keynesian economics gets its name, theories, and principles from British economist John Maynard Keynes (1883–1946), who is regarded as the founder of modern macroeconomics. His most famous work, The General Theory of Employment, Interest and Money , was published in 1936.
