6' - The General Theory of Employment, Interest, and Money

John Maynard Keynes's The General Theory of Employment, Interest, and Money is presented here through excerpts from various prefaces and chapters. Keynes details his departure from traditional classical economic thought, emphasizing the insufficiency of existing theories to explain persistent unemployment. He introduces new concepts, such as the multiplier and the marginal efficiency of capital, to explain the determination of income, output, and employment. The text also examines the role of money, liquidity preference, and expectations in shaping economic behavior. Keynes's work challenges established economic orthodoxies and offers alternative explanations for economic fluctuations and unemployment.