Customer Reviews:
The Hobo Philosopher.......2007-09-12
This is not the book for the beginner. Unless you know economics and economic terminology save this book for some time down the road.
Keynes did not write for the general reader. He was clearly an elitist economist. He may know what he is talking about but I doubt that you will. I didn't.
His "A Tract on Monetary Reform" is a little more intelligible but not much. He is obviously not a teacher and isn't trying to be one. Try Galbraith, Heilbroner, Samuelson, or William Greider or anybody else first.
If you think you know your economics and you are looking for a challenge - this is your man.
seminal, but inscrutable for the average Joe.......2007-07-04
Published in 1936 during the height of the the Great Depression, Keynes's "General Theory" is widely credited, rightly or wrongly, as being the theory that actually pointed out how to end the Depression. It has never been out of print since its first publication.
The volume you're getting here hasn't much in terms of being "reader friendly." There is a brief (2-page) introduction. There are no footnotes (other than Keynes's original ones), and no helpful commentary or other aid that would help make Keynes's book more comprehensible to the general reader. So you're basically getting the bare bones.
But the book can be very tough going, even for those with extensive preparation in economics. It has plenty of nasty equations and there are more thistles than you'll find in an English hedgerow. In brief, it's one of those universally heralded classics that many pay lip service to but few have ever read.
As for whether this is "the book that ended the Depression," I'm not so sure. There were many competing theories floating around during the Depression, and Keynes's was only one of those.
While Keynes's recipe of counteracting a decline in private spending with an increase in government spending turned out to be what Roosevelt (and Hitler) actually did, certainly the war would have come along whether or not Keynes published his book. Hence governments would have stumbled upon "the Keynesian solution" on their own anyway.
The Failure of the "New Economics".......2007-05-22
Henry Hazlitt,
"A Path-Breaking Pioneer?
Now though I have analyzed Keynes's General Theory in the following pages theorem by theorem, chapter by chapter, and sometimes even sentence by sentence, to what to some readers may appear a tedious length, I have been unable to find in it a single important doctrine that is both true and original. What is original in the book is not true; and what is true is not original. In fact, as we shall find, even much that is fallacious in the book is not original, but can be found in a score of previous writers."
If you haven't read this masterpiece at least twice.......2007-04-18
...you're not a real person. If it was not for this wizard's brilliant insight on how to create prosperity with a little math and a little monetary expansion, there would undoubtedly still be poverty in the world today. It's not just a book, it's a religion. And it's the best religion.
Verdict: Read it at least twice.
Neoclassical Economics is a Special Case.......2007-03-30
I'm an undergrad economics student, and I was always puzzled by the "Keynesian" economics they taught me. I couldn't see how it fit in with the market clearing story they were also telling me. So I decided to give this book a shot. After reading it, I was surprised at how simple the main concept is. I didn't find it difficult to read at all, or badly organized (but maybe that's because I'm used to reading philosophy). Basically, just like they teach you in Principles of Macroeconomics, the heart of the theory is the Keynesian Cross (which is a rough approximation of Keynes' D-Z model in this book). The consumption function leaves a gap between income and expenditures, which must be filled by planned investment, or the economy will move to a lower equilibrium via the multiplier. Classical economics, in effect, just assumes that gap is always filled by planned investment (where the economy is at full employment, no less) without even making an argument for it. In the classical model, any decrease in planned investment is matched by an increase in consumption, or vice versa. But there is no good reason to think that will be the case, generally. If you hoard your money today, businessmen do not have a magic crystal ball that allows them to determine what you will spend it on in 5 years. Thus they do not invest. A decrease in consumption is not matched by an increase in planned investment. The economy will move to a new, lower equilibrium via the Keynesian Cross, in which income equals expenditures (i.e. no hoarding any more).
The one thing I did find confusing in the book, though, was Keynes' assertion that saving always equals investment, by defintion. I determined that this results from an incorrect definition of saving. While on an individual level, saving is income minus consumption, the same is not true for the economy as a whole. It is more accurate to say that saving in the aggregate is always zero, because an individual act of saving is always matched by an equal amount of dissaving by someone else (the saving deprives them of their income, unless the the savings are invested, in which case they are no longer savings). The gap between income and consumption, in the aggregate, is always investment. Its just the form of investment that changes. If the gap between income and consumption isn't filled by planned investment, it will be filled up by "unplanned" investment (i.e. inventories build up). In macroeconomic equilibrium, there is no unplanned investment. Thus, Y = Ip (planned investment) + C. Classical economics assumes that Y - C always equals Ip, and at the point of full employment. Keynes's theory is the more general case when Y - C could equal Iu (unplanned investment). In that case, the economy moves to a below optimal equilibrium that does not correspond to full employment.
I would definitely recommend this book if you're an economist, or if you have anything to do with public policy. Or even if you're just curious. Don't be frightened off by the people who tell you its "unreadable" or "a mess." They just can't handle a real scholar who writes precisely and clearly.
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The Collected Writings of John Maynard Keynes
John Maynard Keynes
Manufacturer: Cambridge University Press
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ASIN: 0521221048 |
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This volume, together with volumes 13 and 29, provides an insight into the development of Keynes’s thinking in the monetary field from the time of the Tract in 1923 to the Treatise in 1930, onward to The General Theory in 1936, and after its publication.
Book Description
Keynes’s correspondence, memoranda and contributions to the press during his period in the India Office, his first years as a Cambridge don and his membership of the Royal Commission on Indian Currency and Finance.
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Robert Skidelsky's three-volume biography of John Maynard Keynes has been acclaimed as the authoritative account of the great economist-statesman's life. Here, Skidelsky has revised and abridged his magnum opus into one definitive book, which examines in its entirety the intellectual and ideological journey that led an extraordinarily gifted young man to concern himself with the practical problems of an age overshadowed by war. Meticulously researched and beautifully written, John Maynard Keynes offers a sympathetic account of the life and influences of a passionate visionary and an invaluable insight into the economic philosophy that still remains at the center of political and economic thought.
Customer Reviews:
A fitting tribute to one of the greatest thinkers of all time.......2006-05-31
Anyone who has taken a course in macroeconomics knows who Keynes is. Economics is full of camps, conflicting doctrines, feuds, rivalries, etc. Keynes was unique in that, unlike other economists who are indoctrinated or are in love with a theory, he was never scared of giving up an idea that did not work. If one was to read his "Tract on Monetary Reform" one might be fooled into thinking that it was Milton Friedman that was writing and not the J.M Keynes who revolutionized economic thought with his General Theory. This pragmatism is what sets Keynes apart from every other economist. But why Keynes was so different from others is something students never learn. This biography does an admirable job of tracing Keynes' upbringing, his education, career, and contributions in the light of circumstances that Keynes lived through and shaped his ideas. It is also full of nuggets about Keynes' idiosyncracies which humanizes the biography and shows the real person behind the aura. The book is long, but 63 years of action-packed life requires such detail. The Chinese say, May we live in interesting times. Keynes certainly lived in interesting times with the result that this book is just as interesting.
An excellent,nontechnical biography of J M Keynes.......2005-11-27
This book is Skidelsky's one volume abridged version of his previous three volume biography(1983,1992,2000)on J M Keynes.Skidelsky successfully weaves all of the different aspects and strands(personal,familial,historical,social,political,economic) of Keynes's life into a beautifully constructed historical tapestry that will keep the reader's attention from the first page to the last.All of the different talents Keynes possessed and displayed during his lifetime come alive on the pages of this book.Skidelsky is the master of his material as long as he concentrates on the vast nontechnical aspects of the life of his subject.Skidelsky has clearly mastered the historical and chronological events and interrelationships that occurred during Keynes's life. Unfortunately,Skidelsky does not have the necessary formal training in mathematics,logic,statistics or probability in order to properly understand or assess any of those parts of Keynes's scholarship that involves the use of formal logical and mathematicalmethods or analysis.These technical deficiencies in Skidelsky's academic training are the main defect,not only in this book but in the entire corpus of Skidelsky's writings on Keynes going back over 30 years.I will concentrate on Skidelsky's error filled statements concerning Keynes's A Treatise on Probability(1921;TP) and the logical theory of probability.On p.95,Skidelsky conflates the principle of indifference(poi) with the principle of insufficient reason.They are not the same.Keynes's poi requires a balance or symmetry of the relevant,available evidence or factors involved before equiprobabilities are assigned.The poi can't be applied if there is no relevant evidence.Advocates of the principle of insufficient reason,on the other hand, argue that equiprobabilities can be applied in states where no relevant evidence exists.Keynes always rejected this kind of reasoning.Skidelsky bases his assessment of Keynes's logical theory of probability on the error filled work of A. Carabelli and R.O'Donnell.Carabelli and O'Donnell base their assessments of the TP on four sources:1)Keynes's introductory guide to the measurement of probability in chapter III of the TP;2)F. Ramsey's 1922 book review of the TP in The Cambridge Magazine;3)F.Ramsey's 1926 book review of the TP in his article,"Truth and Probability",published in 1931 in a book of articles;and 4)Keynes's 4 page eulogy and very brief review of the book in 1931.In chapter III,Keynes had already made it clear to the alert reader,who had a mind of his/her own (and would not ape the preposterous ,nonsensical claims made by F. Ramsey that by nonnumerical and nonmeasurable Keynes meant that numbers could not be used in general to estimate probabilities,i.e.,that Keynesian probabilities were like a surveyor assigning nonnumerical heights to a mountain hidden in the mist)that the vast majority of Keynesian probabilities used in common discourse were/are interval estimates.John Maynard Keynes is the originator and founder of the interval estimate approach to probability.Keynes spells it out in a number of places in the TP:"...we judge that the probability of the actual argument lies between these two(numbers;reviewers note).Since our standards,therefore,are referred to numerical measures in many cases where actual measurement is impossible,and since the probability lies BETWEEN(Keynes's emphasis)two numerical measures..."(1921,p.32).After warning the reader not to reach any conclusions based on chapter III alone until after Part II of the TP was reached(p.37),Keynes gives his definition of nonnumerical in chapter 15 of Part II on p.160 of the TP.On pp.161-163 and pp.186-194(ch.17),Keynes presents his approximation approach .It has nothing to do with ordinal rankings(see Skidelsky's queer claims on pp.284-285,for instance).An upper bound and a lower bound are specified for some 13 worked out probability problems.One of these problems(a revision of Boole's problem 10)is then made the foundation for Part III of the TP.Part III is then made the logical foundation for Part V. Carabelli's and O'Donnell's "reading" of Keynes's TP is very poor,at best.Skidelsky's conclusions,based on their very poor reading,are very poor.Skidelsky also appears to have been misled by Richard Kahn and Joan Robinson into believing that Keynes was a strictly literary economist, who was a poor mathematician by 1927. Supposedly,Keynes had never taken the twenty minutes that was necessary to understand the theory of value(microeconomics).Based on these bizarre beliefs,Skidelsky comes to the queer conclusion that Keynes deliberately refused to present any formal mathematical model of his general theory in the General Theory(1936;GT).Any mathematically trained reader can find Keynes's completely worked out model,with the results presented in the form of elasticities so that a reader of the GT can compare Keynes's results with those of A C Pigou,in chapters 19,20,and 21 of the GT.Keynes then compares and contrasts his model with Pigou's model,who had also presented his results in the form of elasticities, in the appendix to chapter 19 of the GT.A technically trained economist should purchase a copy of the GT instead of this book.
Customer Reviews:
Nectar and Ambrosia for the Liberal Economist.......2003-12-14
To the interested layperson John Mayanrd Keynes is known as a villain/genius responsible for the theory of governmental deficit spending in a time of economic crises. This book in a concise and understandable manner, without recourse to ponderous mathematical formulas, makes a very convincing case for the necessity of governmental intervention.
When people are unwilling to spend and are hoarding cash, it is up to government to inject money into the system by means of expansionary monetary policy, either it is public works in the most dramatic case or reduced interest rates, intended to stimulate investment in a more commonplace scenario.
Fiscal prudence or austerity will not lift the economy out of the slump, for a very simple reason; if everyone is saving and no one is buying, then no one is able to sell and economy is pushed further into a recession.
Villilfied by countless conservatives as an endorsement of governmental intervention and subsequent domination of the people, the ideas proposed in the book are accepted by such respected institutions as the Federal Reserve and merit attention of a person, who would like to claim general economic awareness.
Apart from the the discussion on public spending, there are highly informative essays on German hyperinflation of the 1920s, ruminations on Gold standard and much more; all presented with great clarity and humor, that few if any economists have mangaged to imitate.
When conservatives could still face socialism eye-to-eye........2001-01-13
Writing during the nineteen twenties and thirties, when the specter of socialism didn't yet haunt the Anglo-Saxon ruling elites, Keynes didn't feel his duty to sing eulogies to the free market; on the contrary, he felt his duty as an economist to propose ways through which modern society could supersede the "centrality of the money motive". The essays devoted to problems of politics in this collection, specially "A short view of Russia", "Economic perspectives for our grandchildren" and "Am I a Liberal?" are among the best things written from the liberal-conservative viewpoint on the ideological choices of our age. A must-read.
Exquisite mandarin prose and clear argument.......1999-05-30
John Maynard Keynes at his most beguiling. A series of essays that have not lost their power despite the passage of 70 years or so. As a prose stylist Maynard Keynes could equal his friends Virginia Woolf and E.M. Forster, and he does so in this volume. Perhaps the apogee of essay writing of the Oxford/Cambridge type, this volume has a charm that is absent from his longer works (General Theory, Tract on Monetary Reform, even the Economic Consequences of the Peace). For those people interested in hard edged macro theory, read elsewhere. For admirers of logic and clarity and the British tradition of enlightened common sense, Eureka! You have found it in this book.
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Nerve and Muscle
R. D. Keynes , and
D. J. Aidley
Manufacturer: Cambridge University Press
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ASIN: 0521422558 |
Book Description
Nerve and Muscle is an introductory textbook for students taking university courses in physiology, cell biology or preclinical medicine. The first edition was highly acclaimed as a readable and concise account of how nerves and muscles work. The book begins with a discussion of the nature of nerve impulses. These electrical events can be understood in terms of the flow of ions through molecular channels in the nerve cell membrane. Then the view changes to consideration of synaptic transmission: cell or muscle fibre with which it makes contact. Again ionic channels are involved, but now they are opened by special chemicals released from the nerve cell terminals. The final chapters discuss the nature of muscular contraction, including especially the relations between cellular structure and contractile function. This new edition includes much new material, especially on the molecular nature and characteristics of single ionic channels, while retaining a straightforward exposition of the fundamentals of the subject.
Download Description
An understanding of the physiology and function of nerve and muscle is fundamental to our knowledge of how the human body and the bodies of other animals function. In the third edition of this highly readable and concise introductory textbook, the authors begin with a discussion of the nature of nerve impulses as electrical events. They go on to consider communication between nerve cells via synaptic transmission, and finally discuss the nature of muscular contraction, relating muscle cellular structure to contractile function. This is a subject that continues to generate exciting discoveries and this edition includes new material that reflects this, including some of the experimental evidence. The reader will find up-to-date detail of the molecular structure of ion channels and the molecular basis of muscular contraction. Nerve and Muscle is essential reading for all students taking university courses in neurobiology, physiology, cell biology and preclinical medicine.
Book Description
The first two volumes of Robert Skidelsky's definitive and consummate biography of John Maynard Keynes were hailed as publishing events on both sides of the Atlantic. Already published to acclaim in Britain, this third and final volume covers Keynes's later years from 1937 to his death in 1946. During this period, Keynes's outstanding contribution to the financing of Britain's war effort, to the building of the postwar economic order, and his role in Britain's struggle to preserve its independence within the Atlantic alliance solidified the economist's lasting importance in twentieth-century history. Skidelsky lucidly explains Keynes's economic theories and masterfully evokes the complexities of his personality. The book abounds in lively anecdotes and memorable portraits, notably that of his devoted wife, Lydia Lopokova, whose eccentric but utterly logical post-Keynesian existence is charted in a delightful epilogue. Insightful and intelligent, this is a work that tells the story of a passionate and determined visionary and provides an invaluable overview of issues that remain at the center of international political and economic debate.
Customer Reviews:
In the short run we are still alive.......2004-09-05
The last part of Robert Skidelsky's magnificent biography of J.M. Keynes is a tale about the fall of the British Empire with Keynes as one of its most clairvoyant and active go-betweens trying to avoid the disaster. Great-Britain had won the war but it was bankrupt crushed by its debt contracted to buy US weapons.
This book shows clearly through its analysis of the Bretton-Woods negotiations and the discussions about the conversion of the British debt, that the ultimate goal of the US Administration was to get Britain on its knees and to take its place as world leader.
The US prefered an alliance with the Soviet Union against Britain. Their most important negotiator H.D. White was a convinced Soviet spy.
Keynes defended exhaustingly Britain's role in world matters by begging time for a reconversion of the British industry from a war to a civilian economy and for safeguarding its Commomwealth with its preferential tariff and pound sterling payment system.
The humiliating conditions for its debt conversion imposed by the US would cripple the British economy for years.
The suicidal internecine European wars created a new world hegemon: the US.
Before the war, Keynes defended his 'Treatise' policies, but saw them applied in Germany by a very clever economist, Hjalmar Schacht, who also saved the German economy internationally by creating a bilateral trade system.
Prof. Skidelsky shows us also pregnantly the deterioration of Keynes's physical condition, aggravated by his exhausting travels, difficult (empty handed) negotiations and even hard opposition at home when he was in the US.
One could perhaps slightly criticize the exhaustive excerpts of letters or the extremely detailed evolution of the negotiations in Bretton-Woods or about British debt relief. But, all in all, this is a fascinating read.
Out of your expectation.......2002-09-02
It's unexpectedly well decscibed how's Keynes in his childhood. He's in fact a well-spoken, witty gentleman with its charms inside which is mysterious. How could he become such a great economist, how he invent the theories, how he generated such a beautiful mind. It talked about Keynes' life in Eton College( a fundamental place for him to grow up and how his schoolmates affect him), and more is in King's College,Cambridge( which definitely a crucial turning point in Keynes' life) which included keynes' letter which he sent expressed his point of views, his love to Duncan. His writings were precise but in-depth. Moreover, it also includes a lot of cultural background informations which is like Cambridge traditions.It's a must-read book if you like Keynes.
A Major Force with Enduring Influence.......2001-12-22
In this, the third and concluding volume of his biography of Keynes, Skidelsky offers a brilliant analysis of one of the most influential thinkers of the 20th century. Skidelsky offers a remarkable discussion of the man (as opposed to the icon) whose influence seems to have fluctuated according to conventional (received?) wisdom with regard to fundamental economic principles. Economists have either agreed or disagreed about the value of Keynes's ideas (often with more heat than light) since the publication of his major work, The General Theory of Employment, Interest, and Money (1936). As a non-economist, I have only casually observed how his principles have gone in and out of favor as the national economy itself improves, flattens out, weakens, improves, etc. I enjoyed this book because it connected a human being with the principles to which so many others have referred in books and articles. Also because, as international trade accelerates in terms of both scope and depth (largely because of the Internet and the WWW), the role of government in each country will inevitably change...especially governments in those countries which were formerly members of the U.S.S.R. as well as in other countries in Asia, notably China. Thanks to Skidelsky's book, I am now much better prepared to recognize and understand such changes. I wish I had read the second volume in the trilogy (subtitled "The Economist as Savior") before reading this one. Those who read this review are urged to do so. However, judged wholly on its own merits, this final volume (subtitled "Fighting for Freedom") is a first-rate achievement.
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- Skidelsky overlooks Keynes's mathematical contributions
- Economics is a moral science
- Who was more keynesian them Keynes himself?
- When you we get volume 3?
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John Maynard Keynes: Volume 2: The Economist as Savior, 1920-1937
Robert Skidelsky
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Customer Reviews:
Skidelsky overlooks Keynes's mathematical contributions.......2004-10-25
I highly recommend the second volume of Skidelsky's three volume study of the life of John Maynard Keynes for the general reader.The general reader will be rewarded with a 5 star performance.Skidelsky masterfully weaves an incredible amount of material about the private and public life of Keynes in a manner that will provide the nonspecialist,general reader with many hours of reading pleasure.Unfortunately,the same cannot be said for the specialist seeking a technical analysis and evaluation of Keynes's scientific contributions to philosophy,applied probability,applied statistics,decision science and economics.It is in this area that Skidelsky fumbles the ball just as it appeared that he was going to go all the way and score a touchdown.This is most likely due to the fact that he is a historian with little or no training in philosophy,mathematics,statistics,probability and economics.Let me catalog the technical problems .First,Skidelsky confuses the 12th-13th century debate between the nominalists and the realists(Platonists) with the realist versus idealist debate of the 19th-20th century between,among others,G.E.Moore and Bertrand Russell(the realists of the 20th century who would be supporting the nominalists in the 12th century),on the one hand and J.M.E.McTaggart and F.H.Bradley,on the other hand,who would be supporting,in general,the realists of the 12th century.(See Skidelsky's extremely confusing discussion on pp.74-77).Second,Skidelsky is completely confused about the nature and construction of Keynesian probabilities.Keynesian probabilities,in general,are intervals.They require the use of two numbers ,not one.The first number is called a lower bound.The second number is called an upper bound.Keynes's approximation method has absolutely nothing to do with ordinal rankings. In fact,the general case occurring among decision makers in the real world would be of overlapping intervals.Consider the following simple example.Let probability one be estimated by the interval[.4,.6].Let probability two be estimated by the interval[.5,.7].The probabilities have very specific numeric bounds,but they are ,in fact,nonrankable,noncomparable and nonadditive.It is not possible to say that one of the two probabilities is greater than,less than or equal to the other probability.Skidelsky has accepted at face value the extremely poor analysis of Keynes's TP done by F.Ramsey in two book reviews published in 1922 and 1926.Ramsey committed the fatal error of misinterpreting Keynes's chapter 3 terms in the TP,nonnumerical and nonmeasurable,as meaning that no numbers could in general be used to estimate the probability relation.Ramsey never read chapters 15 and 17 of the TP where Keynes made it clear that most probabilities could be represented as intervals.(The reader will find literally one dozen errors of omission or commission committed on pp.58-61 and 67-73 of Skidelsky with regard to the issue of the use of numbers in Keynes's logical theory of probability).Skidelsky ignores Keynes's creation of an index to measure the weight of the evidence,w,where w is defined on the unit interval[0,1]and measures the completeness of the relevant potential evidence available upon which to make an estimate of a probability.Skidelsky overlooks Keynes's conventional coefficient of risk and weight,c,that solves all of the paradoxes of subjective expected utility theory.Keynes was the first scholar in history to devise a decision rule incorporating nonlinear probabilities and weight of the evidence(later called ambiguity of the evidence by D.Ellsberg in 1961).Lastly,Skidelsky has overlooked the mathematical specification of Keynes's theory of effective demand that Keynes derived from his Y model of chapter 10 and from his D-Z model of chapters 3,20-21 of the General Theory in 1936.Let us define w to equal a constant money wage,p to equal the price level,w/p to equal the real wage,MPL to equal the marginal product of labor in the aggregate,MPC to equal the marginal propensity to spend on consumption goods, and MPI to equal the marginal propensity to spend on copital goods.Keynes then arrives at the following general result:w/p=MPL/(MPC+MPI).The classical and neoclassical(monetarism,rational expectations,real business cycle theory,etc.)theories are all special cases which require that MPC+MPI=1.Skidelsky's claim that Keynes did not provide a mathematical model of his theory of effective demand in the GT (see pp.537-542,especially p.540)is an error in magnitude equal to the errors made by Frank Ramsey about the meaning of the terms "nonnumerical" and"non measurable".The specialist will be disappointed with this volume of Skidelsky's biography of J.M.Keynes.
Economics is a moral science.......2004-05-14
The second part of Prof. Skidelsky's magnificent biography of J.M. Keynes is nearly totally concentrated on economic issues. Keynes' personal life was perfectly settled after his marriage with a Russian ballerina. He continued to be in contact with the Bloomsbury group, which 'remained subversive by habit, but was anxious to retain their dividends and beauftiful houses'.
In fact, this book centres on the question how Keynes came to write the 'General Theory' and its defense of governmental intervention (public investments) in the economic cycle in order to break the capitalistic slump. He proved that in a laisser-faire system an equilibrium could be formed at a far lesser level than 'natural' unemployment: 'There is work to do, there are men to do it. Why not bring them together!'
We discover that Malthus was a real influential precursor with his proposition to prop up insufficient demand by public works and that Richard Kahn made a decisive contribution with his multiplyer effect.
Prof. Skidelsky characterizes perfectly the 'General Theory' as a complex psychological drama with as main characters the life-denying rentier, the businessman and his fantasies and the victimized working class.
Keynes' ultimate nightmare was a world were making money triumphed over making things, which is actually happening. Financial transactions are dwarfing the industrial ones and there are many more investment trusts than industrial companies in the US.
The discussions after the publication of the 'General Theory' are fascinating. In fact, the debate is still red hot: inflation/deflation, the influence of the (inter)national banks, savings and (un)employment.
This book is not an easy read. I recommend readers to (re)read some parts of the 'General Theory'. But this work is a fascinating tale about the (r)evolution of the ideas of the greatest economist of all times.
I have only one minor remark: Ibsen is a Norwegian, not a Swede.
Who was more keynesian them Keynes himself?.......2003-11-07
Keynes activities, both as an active participant of the economic life of his country and continent, and as an icon to the cultural life of his epoch and to his many friends and groups of interest, is impressive. To define him is an elusive task: philosopher?, economist?, historian?, linguist?. He was all this and much more, but he was above all a man of a very practical mind and, notwhidstanding his immense philosophical background, deeply attached to the theories of his contemporary G.E.Moore and others, he had the feeling of having a mission to accomplish, given the immense superiority his intellect had over the rest of the mortals.
What was to become of Europe after the end of the First World War was foreseen by him in many essays and primarily in his book The Economic Consequences of the Peace. The task which lays ahead for him, and only him, was to warn politicians and thinkers of the impending dangers of the years to come, specially in regard to a lack of theoretical analisys to support the transition from the old economy (classicist in his jargon), which ended with the death of the great Alfred Marshall, and a new one, which he purpoted himself to establish and then save the world. And save the world he did!!! Keynes is one of this towering figures who had the opportunity to mingle himself with daily facts and change them for the better. Amid a lot of controversy and polemic regarding the originality of his ideas, he published his major opus in 1937, which was to be used against the vagaries of rampant unemployment and inflation. His General Theory of Interest , Employment and Money is a sort of tribute he pays to his father , Malthus and G.E.Moore.
In the personnal side of his life, if this can be said of Keynes for his personal life was eminently devoted to cultural interests i many areas, the book portrays some important changes in his personal atitudes towards homosexuality (he abandoned) and his new life marrying the russian ballerina Ludmila.
When you we get volume 3?.......2000-02-15
A great book about a great man. The development of Keynes' thought is handled well, although some more discussion around possible sources of some of his ideas would have been welcome. Several books about his Bloomsbury freinds have emerged recently, and it is interesting to compare perceptions. I'm uncomfortable with Skidelsky's analysis of Keynesian theory which strikes me as too much of a shoe-horning of Keynes into a classical framework, but I'm hardly an expert. All in all a book to be savoured, and an essential item in one's library.
Average customer rating:
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The General Theory of Employment, Interest and Money
John Maynard Keynes
Manufacturer: Atlantic Publishers & Distributors (P) Ltd.
ProductGroup: Book
Binding: Hardcover
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ASIN: 8126905913
Release Date: 2006-07-06 |
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John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and Money is undoubtedly the century s most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the money to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
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- I've rarely seen something this complex made this clear.
- A work of impeccable scholarship
- The Big Three in Economics
- The March to Today's Thinking
- Economic theories made enjoyable
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The Big Three in Economics: Adam Smith, Karl Marx, And John Maynard Keynes
Mark Skousen
Manufacturer: M.E. Sharpe
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I've rarely seen something this complex made this clear........2007-08-06
Skousen has really accomplished something with this book. If the average college professor could convey the information in their field of study with this kind of penetrating clarity, a lot more people would really understand what they learn, rather than just preparing to parrot it back for a test.
This book captures a broad cross-section of the ideas and history behind modern economic thought and ties it all neatly together by linking everything with the simple idea of relating it to Adam Smith, Karl Marx, and John Maynard Keynes. It's brilliant in its simplicity. Skousen starts by saying these are the three you really need to know. Then he says they aren't created equal and ranks them out: #1 Smith, #2 Keynes, #3 Marx. Seems like nothing, but all of a sudden you have a simple and solid mental framework from which to hang the rest of what Skousen tells you.
For each of Skousen's three main characters, you learn about the thinkers that laid the foundation for each of them (or in Smith's case, the lack thereof). You also learn about the historic events that spurred each of them to come up with their theories. You learn each of their theories, then finally - and so critically - you learn in plain English the shortcomings of each of the theories (fatal in two cases).
All of a sudden, you have a deeper understanding of the history and ideas of economics than a lot people who majored in the subject. And because of Skousen's entertaining writing style, you never really noticed how much you were learning.
Kudos to Mark Skousen. I wish more people (myself included) could write like this.
If you've ever had even the slightest interest in economics, do yourself a favor and read this book. You'll be glad you did.
A work of impeccable scholarship.......2007-06-10
Enhanced throughout with charts and photos, "The Big Three In Economics: Adam Smith, Karl Marx, And John Maynard Keynes" by academician and economist Mark Skousen is a history of modern economics as represented by the contributions of the three most influential economists in world history. Adam Smith expounded a revolutionary new doctrine in the 18th century that a nation of rich and poor could flourish under laissez faire and an unfettered market; Karl Marx inspired disenfranchised workers and intellectuals in the 19th century to end the exploitation of the underprivileged by the powerful; and in the 20th century, British economist John Maynard Keynes sought to stabilize a crisis prone market system through activist fiscal and monetary government policies. A work of impeccable scholarship that draws from both biographical and historical data to showcase the lives and ideas of three men who shaped economic theory and practice form three centuries, and whose contributions continue to influence economists in the 21st century, "The Big Three In Economics" is very strongly recommended reading for both students of Economics and non-specialist general readers with an interest in economic history and theory.
The Big Three in Economics.......2007-05-11
The author Mark Skousen explains the differences of three schools of
economics real well plus its an easy read.
Bob Rivera
The March to Today's Thinking.......2007-03-17
This is an excellent book that shows the development of mainstream economic thinking in terms of the theories of the three giants in economics: Adam Smith, Karl Marx and John Maynard Keynes.
Adam Smith (1723-90) was the first. He basically provided the first foundation of what is now called economics. Today he is considered to the right wing of the economic scale. Interestingly enough, his views have prevailed.
Karl Marx (1818-83) reacted against the Adam Smith theory with the belief that the 'invisible hand' of the marketplace has no compassion for the workers and that this could be better administered by a compassionate government. Generally discredited today, his theories seems to live mostly in the halls of the universities.
John Maynard Keynes (1883-1946) followed with an analysis of a way to stop recession/depression cycles that combined the Smith/Marx theories.
The author does an excellent job in tracing the impact of these three as it reaches today's world. At this time Smith is on top again, as modified by later thinkers, but as the author concludes in his last chapter,
'There is no telling how high the world's standard of living can reach through expanded trade, lower tariffs, a simplified tax system, school choice, Social Security privatization, a fair system of justice, and a stable monetary system. Yet bad policies, wasted resources, and class hatred die slowly.'
Economic theories made enjoyable.......2007-03-10
The three colorful and informative biographies which form the core of this book are followed by vignettes of the economic thinkers who came after them, and trace the development of economic theory. The book is thus an easily used guide to the history of economic thought. Graphs and technical material are held to a necessary and elucidating minimum.
On March 6, Mark Skousen had a commentary in The Christian Science Monitor on "Atlas Shrugged" after 50 years. I had never wanted to read the book--and still don't--but I was impressed by Skousen's logical thinking and clear writing. So, when I saw the reference to his newly published "Big Three" I ordered the book, pretty much convinced I would learn something painlessly. And I did.
Just for starters: Did you know that Marx died a wealthy man--with an income in the top 2% of the English populace? Did you know that Adam Smith's theory of free markets was an opposition to the European mercantile system of government-sanctioned cartels? Did you know that he regarded the right to sell one's labor and products as a function of human liberty? Did you know that he posited an "invisible hand" that guided economics where there was human liberty? Did you know that Thomas Carlyle dubbed economics the "dismal science?"
Did you know that the historical way of increasing the labor supply and expanding assets was to go to war and take slaves and steal another nation's gold? Did you know that it was not generic "capitalism" but the failure of the Federal Reserve Bank to act that the Great Depression?
These are a few of the gems of wisdom garnered from just a quick reading of this book.
Mark Skousen is an unabashed believer in the free-market system. Here he clearly presents its problems and practical limitations, as well as the criticisms levelled against it, He also points out the deficiencies in logic in Marx and Keynes's theories.
I had taken a year of Econ in college and enjoyed it, and then I worked as a translator from a Norwegian trade journal for several years, translating articles by members of the Austrian school of economics (Mises, Hayek, etc). A lot of it had to do with keeping a destroyed Europe from going economically socialist and politically bolshevist in the aftermath of WWII and the occupation of the East by Russia. BUT - I had no idea who Adam Smith was until I read this book, nor did I understand how the various theories hung together.
So, whether you're a beginner or just have gaps in your knowledge, this
small, inexpensive, and thoroughly enjoyable book should prove immediately and permanently valuable.
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