GENERAL THEORY OF EMPLOYMENT INTEREST AND MONEY

GENERAL THEORY OF EMPLOYMENT INTEREST AND MONEY

(London: Macmillan and Co., Limited, 1936).

FIRST EDITION, FIRST PRINTING OF THIS PRINTING AND THE MIND OF MAN HONOURED BOOK, THE PRIMARY WORK OF THE AUTHOR AND PERHAPS THE MOST SIGNIFICANT WORK OF ECONOMICS OF THE 20TH CENTURY, and certainly the most important single work. Its ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. It is considered, along with Adam Smith's WEALTH OF NATIONS, as one of the two pillars of modern Western economic thought.
"Although Roosevelt's New Deal' had utilized Keynesian prescriptions, The General Theory (on which', says D.N.B., his fame as the outstanding economist of his generation must rest) threw the economists of the world into two violently opposed camps. Yet eight years later Keynes was to dominate the international conference at Bretton Woods, out of which came the International Monetary Fund and the World Bank; and his influence during the ensuing decades, even on his theoretical opponents, has been such that a highly placed American official recently remarked that 'we are all Keynesians today'." - PMM.
In late 1965 TIME magazine ran a cover article with a title comment from Milton Friedman (later echoed by U.S. President Richard Nixon), "We are all Keynesians now". The article described the exceptionally favourable economic conditions then prevailing, and reported that "Washington's economic managers scaled these heights by their adherence to Keynes's central theme: the modern capitalist economy does not automatically work at top efficiency, but can be raised to that level by the intervention and influence of the government." The article also states that Keynes was one of the three most important economists who ever lived, and that his GENERAL THEORY was more influential than the magna opera of other famous economists, like Adam Smith's THE WEALTH OF NATIONS.
"The General Theory gave rise to intense and prolonged controversy. Older economists tended to be highly critical of Keynes's ideas, and many thought them a recipe for inflation, while younger economists in general accepted them with enthusiasm. In 1936 the committee on economic information of the Economic Advisory Council discussed a report by its subcommittee on the trend of unemployment, which forecast a rise to a peak of 20 per cent in 1940. Keynes, troubled by the apparent exhaustion of investment opportunities except in housing construction, took an even gloomier view. In January 1937, when unemployment stood at 12 per cent, he published three articles in The Times on 'How to avoid a slump', arguing in favour of keeping the long-term rate of interest steady, holding back public investment which could be postponed, and extensive pre-planning to have investment projects ready for adoption in an impending slump. On this occasion the official response was a good deal more favourable than previously, thanks to Sir Frederick Phillips in the Treasury and Humbert Wolfe in the Ministry of Labour. But if the course of events turned out to be in keeping with Keynes's recommendations it was not to any great extent because the government adopted his views. On the other side of the Atlantic the expansionary policies adopted owed little to Keynes's urgings." - DNB. Item #31314

First Edition and First Printing of this PMM honoured book. 8vo, publisher's original blue cloth, ruled and lettered in gilt on the spine. xii, 403 pp. A bright, fresh and clean copy, essentially fine, the cloth unfaded and unworn, a hint of trivial age evidence, the text is clean and fresh, everything solid and in excellent order.

See all items by

Price: $2,950.00