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Title: The General Theory of Employment, Interest, and Money (Great Minds Series) by John Maynard Keynes ISBN: 1-57392-139-4 Publisher: Prometheus Books Pub. Date: May, 1997 Format: Paperback Volumes: 1 List Price(USD): $14.00 |
Average Customer Rating: 3.09 (33 reviews)
Rating: 5
Summary: A genius work, also a classic.
Comment: Undoubtedly, Lord Keynes's this book is very influential, not only to economics thought, but to the world economy. A genius's work is always tough because too many ideas and concepts are filled in only a few sentences, and there is no expeption with Lord Keynes's this book (Economist Paul Samuelson also called this book a genius's work).
Lord Keynes is a member of Cambrige School of Classical School in the early twentith century. Professor A.C. Pigou, Alfred Marshall were his teachers, and William Jevons, Francis Edgeworth, J. Robinson and Frank Ramsey were his colleague and friends. Surrounded with so good an academic environment and endowed with his own talent (Also heavily influenced by philosopher Moore), Keynes is the most important and influential economist in the 20 century. In his thought, economist should not only sit there and work out mathematical problems, but go outside and do something. Economist should not only just observe the "Storm" appear and pass by but find solutions to overcome the economic problems for the nation and people. Some people disagree so much with Keynes's economic thought that they thought Keynes was a criminal of the concept of "Gonvernment inteferes people". I think they miss something and I'm sure that the miss will be reduced if they know exactly what kind of person Lord Keynes was and exactly what the core concept of his economic thought is.
Anyway, this book is just like what Paul Samuelson ever expressed, you'll get something (maybe very many things) from this classic. If you read it carefully, maybe you will get something different from the macroeconomics textbook and those chapters which are about Keynesian theory in that textbook. You will be stunned with Keynes's mind, his way of watching things, his thinking, etc. Reading this book requires very good logic and a mind of willing to think.
"In the long run we are all dead." True, go read this book and seize the concepts of the most important economist in the twentieth century.
Rating: 2
Summary: Keynes made the Depression worse
Comment: John Maynard Keynes was neither a hero, as alleged by Paul Samuelson and Paul Krugman, nor was he a devil as portrayed by conservative economists of today. He was simply a well meaning man who was profoundly wrong on many levels.
Keynes coined staple economic phrases and equations dealing with things like the "Marginal Propensity to Consume;" he believed it was consumer spending which drove the economy (sound familiar?) Shockingly, Keynes dismissed the idea of savings with the immortal and flippant phrase, "In the long run, we are all dead." Unfortunately, this had severe repercussions for the world economy.
Contrary to what Keynes and his disciples believe, it is not spending which drives the economy. Entrepreneurship drives it and savings (capital) fuels it. During the Great Depression, Keynes advocated government work programs, the idea being to "put money in people's pocket" (boy this is sounding familiar.) There's just one problem with that: where does he think government gets its money in the first place? They can tax it, borrow it, or print it. How does it stimulate anything to take with one hand and give with the other? Printing money is akin to taxation, albeit the invisible kind which is called inflation. There is considerable evidence that Keynes's prescriptions lengthened and worsened the Great Depression.
If ever there was proof of the bankruptcy of Keynsian economics, the 1970's is it. His disciples stood by helplessly, stymied by the twin problems of rising unemployment and inflation called stagflation, something Keynes himself apparently never considered.
On top of all that, the previous reviewers are correct in stating this book is a very difficult read. I wouldn't wish it on anyone. It is handy to keep as a reference however; if you're going to argue forcefully for the benefits of laissez-faire capitalism, it helps to be familiar with the ideas of its opponents.
Rating: 1
Summary: Don't waste your money
Comment: Keynes has had a profound influence on economic policies without question. If youre curious about economic theories in general then you may want to add this book to your bookshelf along with works by Friedman,Ludwig von Mises and Adam Smith
For the most part however, Keynes brand of economics has been a dismal failure. One need to look no further than the stagflation of the 1970's to see this. Keynes work is outdated and discredited. If youre looking to gain a real understanding about economics I suggest you read "Basic Economics" by Thomas Sowell.
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Title: Wealth of Nations (Great Minds Series) by Adam Smith ISBN: 0879757051 Publisher: Prometheus Books Pub. Date: December, 1991 List Price(USD): $11.00 |
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Title: Principles of Political Economy and Taxation (Great Minds) by David Ricardo ISBN: 1573921092 Publisher: Prometheus Books Pub. Date: November, 1996 List Price(USD): $12.00 |
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Title: Capitalism and Freedom by Milton Friedman, Rose D. Friedman ISBN: 0226264211 Publisher: University of Chicago Press Pub. Date: November, 2002 List Price(USD): $13.00 |
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Title: The Communist Manifesto by Karl Marx, Friedrich Engels, Martin Edward Malia ISBN: 0451527100 Publisher: Signet Pub. Date: October, 1998 List Price(USD): $5.95 |
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Title: The Road to Serfdom by F. A. Hayek ISBN: 0226320618 Publisher: University of Chicago Press (Trd) Pub. Date: September, 1994 List Price(USD): $9.48 |
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