The General Theory of Employment, Interest, and Money
title of book by John Maynard Keynes (1883-1946) outlining the general concept of Keynesian economics. The book was published in 1936. *Context* ______________________________ Prior to the Great Depression, opinions about how to properly manage the economy were dominated by Neoclassical economics, which advocated little government intervention. In particular, unemployment was regarded as the consequence of workers failing to accept wages sufficiently low to permit full employment. During the Great Depression, unemployment soared to 25% in the USA and Germany. Economics had no advice to give to leaders anxious to do something, and none of the neoclassical predictions were coming true. The government of the UK commissioned J.M. Keynes to lead a commission of top British economists in a general review of economic theory; their finding were summarized by Keynes in *The General Theory*. *The Findings* ______________________________ The Cambridge team did not have access to statistics of national income and product accounting (NIPA). They did have some data on unemployment and prices, especially from the USA. Keynes also identified several inherent logical problems with neoclassical economic theory about saving and investment. The theory said that all economic output of an economy would tend to be consumed; all saving would be invested; and all workers would be employed, *provided wages fell low enough*. Keynes noted the economic mechanism by which investment occurs has little to do with the existing rate of saving; both are influenced by interest rates, but other forces come into play (e.g., liquidity preference for saving, business opportunities and user cost for investment). Hence, aggregate demand can drift very far out of alignment with output (or potential output). Another finding was that employment rates actually did not respond in a predictable way to the fall in wages. The US economy suffered periods when a reduction in the wage level lead to increases in employment, despite the assumption that workers would have withdrawn from the labor market. Finally, Keynes proposed the use of monetary policy and fiscal policy for regulating business cycles.
The Urban Dictionary Mug
Quick shipping and awesome hysterical product!
I fucked with it for months before i finally ate it.
Great mug! Got a homo mug for a friend's birthday and he adored it. :)
love it
THINGS ARE GETTING A LITTLE WILD AT CAILLOU'S HOUSE!
The thing is amazing. Also everything on the back is true!
Professor - I am loving this ....not all professors are blasted toward intellectualism. I believe smart comes in all different sizes, color, beauty, and personality. I will use this coffee cup proudly. Loving it in Denver. Jax
It was great! Very hard to break and easy to hold! Also very cute
I sent my friend the Wordle URL for her to enjoy. She did her first Wordle and got so excited, she sent me a text including the answer she got. This showed at the top of my screen and I read it - there was no way to un-read it so I was ... wordlefucked for the day!
Solid mug. Funny design. Fair price
My dad hits me with his mug. It's very very durable
I got the Capybara one made by FAUBCOK and it was so good quality!
i loved the mug, gave it to my grandmother on her birthday
The mug is great! I bought it as a gag gift for a friend, and I didn't really think it was going to be a good mug, but when I got it I was super surprised! It is really high quality feeling ceramic and the print is very clear and good looking. It was also packaged really well, and the shipping process was nice too! It did take longer than I thought to get here, but it's understandable as I did order it custom. In all it is an amazing mug and I think I'm gonna have to buy one for myself.
This mug is great! It comes in perfect condition and I love that you can change the definitions! I put my name and then I put the definition as ‘the best person’. Made my day every time I picked it up.
My name is Asher, I looked my name up a few days ago and we all had a good laugh. Now, this mug is my go to morning mug for drinking my herbal tea and plotting to take over the realms.
I just love it. Just like I ordered!
Exactly as promised.
To beginulate, the muglification of the vessel is both pleasing to the eye as well as the hand. Secondly, the option of choosing one's own colors adds to the lessening if the so called " buyer's remorse" which so often accompanies modern "on line" purchases.
My husband absolutely loves this! This was a difficult product to find but it turned out perfectly! He was cracking up. Definitely worth the buy.
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