John Maynard Keynes's The General Theory of Employment, Interest and Money overturned classical economics by arguing that aggregate demand, not supply-side adjustment, determines output and employment, and that government intervention is legitimate in managing economic cycles.
Founded modern macroeconomics; introduced the concepts of the multiplier, liquidity preference, and effective demand; legitimised fiscal policy as a tool of economic management.
Discussing
Ask anything about The General Theory — their ideas, influences, contradictions, legacy.
Sign in to start a conversation.