John Maynard Keynes

John Maynard Keynes (1883-1946) was the most influential economist of the first half of the twentieth century. During both world wars he was an adviser to the British treasury, and his theory of government stimulation of the economy through deficit spending influenced Franklin D. Roosevelt's "New Deal" administration. The mass unemployment caused by the Great Depression inspired his most famous work, General Theory of Employment, Interest and Money (1935-36). Keynes first gained widespread prominence immediately following World War I, when he attended the Versailles peace conference as an economic adviser to British Prime Minister David Lloyd George. Disgusted with the harshly punitive and unrealistic provisions of the Versailles Treaty, as well as the political chicanery and general incompetence of the chief participants, he published The Economic Consequences of the Peace in 1919. This book gained a good deal of notoriety because of its withering portraits of both French premier Georges Clemenceau and U. S. President Woodrow Wilson. Keynes described Clemenceau as motivated only by shortsighted nationalistic goals and vindictiveness, which aimed at crippling Germany for generations no matter what the consequences to the rest of Europe. He found fault with Wilson for his ivory tower idealism, lack of diplomatic savvy, and unfamiliarity with the political realities of Europe. This ineffectual combination ultimately dashed his best hopes for a League of Nations and a just resolution to the war in Europe. In a point-by-point analysis Keynes makes clear the ruinous consequences of the treaty to all of Europe and proposes substantial modifications. Unfortunately, few appreciated Keynes's prescience, and he saw his worst fears realized in the rise of Hitler and the devastation of World War II. In The End of Laissez-Faire (1926) he presents a brief historical review of laissez-faire economic policy. Though he agrees in principle that a marketplace of free individuals pursuing their own self-interest without government interference has a better chance of improving society's economic situation than socialist alternatives, he suggests that government can play a constructive role in protecting individuals from the worst harms of capitalism's cycles, especially as concerns unemployment. Other useful government functions are the dissemination of information relating to business conditions, encouraging savings and investment along "nationally productive channels," and forming a national policy about the size of population. Keynes's brilliant mind and lucid writing are evident on every page. Both of these works are still well worth reading for his many stimulating ideas and profound knowledge of economics.

John Maynard Keynes, then a rising young economist, participated in the Paris Peace Conference in 1919 as chief representative of the British Treasury and advisor to Prime Minister David Lloyd George. He resigned after desperately trying and failing to reduce the huge demands for reparations being made on Germany. The Economic Consequences of the Peace is Keynes' brilliant and prophetic analysis of the effects that the peace treaty would have both on Germany and, even more fatefully, the world. A popular lecturer of economics at Cambridge University and editor of the Economic Journal, Keynes made The Economic Consequences of the Peace a major step in his career. It was translated into a dozen languages and sold 100,000 copies in six months. Taken seriously even by those who were opposed to his claims, the book helped lift economics to a new, higher level of recognition and acceptance. This volume, with its insightful portraits of Lloyd George, Georges Clemenceau, and Woodrow Wilson, remains one of the great works of political economy of our time. In a penetrating introduction written for this new edition, David Felix explores Keynes' reasons for writing the book, analyzes the author's arguments, and paints an historical backdrop of the period during which it was written.

Distinguished British economist John Maynard Keynes (1883-1946) set off a series of movements that drastically altered the ways in which economists view the world. In his most important work, The General Theory of Employment, Interest, and Money (1936), Keynes critiqued the laissez-faire policies of his day, particularly the proposition that a normally functioning market economy would bring full employment. Keynes's forward-looking work transformed economics from merely a descriptive and analytic discipline into one that is policy oriented. For Keynes, enlightened government intervention in a nation's economic life was essential to curbing what he saw as the inherent inequalities and instabilities of unregulated capitalism.

One of the most important economic documents of the 20th century John Maynard Keynes, at the time a rising young economist, abruptly resigned his position as adviser to the British delegation negotiating the peace treaty ending World War I. Frustrated and angered by the Allies' focus on German war guilt, Keynes predicted that the vindictive reparations policy, which locked Germany into long-term payments, would not only stifle the German economy for another generation but leave Europe in ruins. Published in 1919, Keynes's The Economic Consequences of the Peace aroused heated debates throughout Europe; his remarkably prescient conclusions were frequently cited by German leaders during the decades between the wars. Keynes's well-reasoned yet impassioned arguments, peppered with biting portraits of the statesen involved in the peace treaty--including Llyod George, Georges Clemenceau, and Woodrow Wilson--brought him immediate fame. For more than seventy years, Penguin has been the leading publisher of classic literature in the English-speaking world. With more than 1,700 titles, Penguin Classics represents a global bookshelf of the best works throughout history and across genres and disciplines. Readers trust the series to provide authoritative texts enhanced by introductions and notes by distinguished scholars and contemporary authors, as well as up-to-date translations by award-winning translators.

1936 publicerades århundradets mest uppmärksammade bok i ämnet nationalekonomi, ”The General Theorry of Employment, Interest and Money”. I den angrep John Maynard Keynes arbetslöshetsproblemet och penning- och finanspolitiken på ett nytt sätt. Han menade att marknaden inte kunde lösa sysselsättningsproblemet och att staten måste ingripa med lågräntepolitik och offentliga investeringar. Boken har diskuterats livligt alltsedan den kom ut, och den tycks ständigt få ny aktualitet. Detta är den första kompletta svenska utgåvan. Lars Herlitz har skrivit en utförlig orienterande inledning.

Part I Fundamental ideasCHAPTER I The Meaning of ProbabilityCHAPTER II Probability in Relation to the Theory of Knowledge CHAPTER III The Measurement of Probabilities CHAPTER IV The Principle of IndifferenceCHAPTER V Other Methods of Determining Probabilities CHAPTER VI The Weight of ArgumentsCHAPTER VII Historical Retrospect CHAPTER VIII The Frequency Theory of Probability CHAPTER IX The Constructive Theory of Part I. SummarizedPART II Fundamental TheoremsCHAPTER X Introductory CHAPTER XI The Theory of Groups, with special reference to Logical Consistence, Inference, and Logical Priority. CHAPTER XII The Definitions and Axioms of Inference and ProbabilityCHAPTER XIII The Fundamental Theorems of Necessary InferenceCHAPTER XIV The Fundamental Theorems of Probable Inference CHAPTER XV Numerical Measurement and Approximation of ProbabilitiesCHAPTER XVI Observations on the Theorems of Chapter XIV. and their Developments, including Testimony CHAPTER XVII Some Problems in Inverse Probability, including Averages PART IIIInduction and AnalogyCHAPTER XVIII Introduction CHAPTER XIX The Nature of Argument by Analogy CHAPTER XX The Value of Multiplication of Instances, or Pure InductionCHAPTER XXI The Nature of Inductive Argument ContinuedCHAPTER XXII The Justification of these MethodsCHAPTER XXIII Some Historical Notes on Induction PART IVSome Philosophical Applications of ProbabilityCHAPTER XXIV The Meanings of Objective Chance, and of RandomnessCHAPTER XXV Some Problems arising out of the Discussion of Chance CHAPTER XXVI The Application of Probability to ConductPART VThe Foundations of Statistical InferenceCHAPTER XXVII The Nature of Statistical InferenceCHAPTER XXVIII The Law of Great Numbers CHAPTER XXIX The Use of priori Probabilities for the Prediction of Statistical Frequency-the Theorems of Bernoulli, Poisson, and TchebycheffCHAPTER XXX The Mathematical use of Statistical Frequencies for the Determination of Probability posteriori-the Methods of LaplaceCHAPTER XXXI The Inversion of Bernoulli's TheoremCHAPTER XXXII The Inductive use of Statistical Frequencies for the Determination of Probability posteriori-the Methods of Lexis CHAPTER XXXIII Outline of a Constructive Theory

Part I Fundamental ideasCHAPTER I The Meaning of ProbabilityCHAPTER II Probability in Relation to the Theory of Knowledge CHAPTER III The Measurement of Probabilities CHAPTER IV The Principle of IndifferenceCHAPTER V Other Methods of Determining Probabilities CHAPTER VI The Weight of ArgumentsCHAPTER VII Historical Retrospect CHAPTER VIII The Frequency Theory of Probability CHAPTER IX The Constructive Theory of Part I. SummarizedPART II Fundamental TheoremsCHAPTER X Introductory CHAPTER XI The Theory of Groups, with special reference to Logical Consistence, Inference, and Logical Priority. CHAPTER XII The Definitions and Axioms of Inference and ProbabilityCHAPTER XIII The Fundamental Theorems of Necessary InferenceCHAPTER XIV The Fundamental Theorems of Probable Inference CHAPTER XV Numerical Measurement and Approximation of ProbabilitiesCHAPTER XVI Observations on the Theorems of Chapter XIV. and their Developments, including Testimony CHAPTER XVII Some Problems in Inverse Probability, including Averages PART IIIInduction and AnalogyCHAPTER XVIII Introduction CHAPTER XIX The Nature of Argument by Analogy CHAPTER XX The Value of Multiplication of Instances, or Pure InductionCHAPTER XXI The Nature of Inductive Argument ContinuedCHAPTER XXII The Justification of these MethodsCHAPTER XXIII Some Historical Notes on Induction PART IVSome Philosophical Applications of ProbabilityCHAPTER XXIV The Meanings of Objective Chance, and of RandomnessCHAPTER XXV Some Problems arising out of the Discussion of Chance CHAPTER XXVI The Application of Probability to ConductPART VThe Foundations of Statistical InferenceCHAPTER XXVII The Nature of Statistical InferenceCHAPTER XXVIII The Law of Great Numbers CHAPTER XXIX The Use of priori Probabilities for the Prediction of Statistical Frequency-the Theorems of Bernoulli, Poisson, and TchebycheffCHAPTER XXX The Mathematical use of Statistical Frequencies for the Determination of Probability posteriori-the Methods of LaplaceCHAPTER XXXI The Inversion of Bernoulli's TheoremCHAPTER XXXII The Inductive use of Statistical Frequencies for the Determination of Probability posteriori-the Methods of Lexis CHAPTER XXXIII Outline of a Constructive Theory

In the light of subsequent history, Essays in Persuasion is a remarkably prophetic volume covering a wide range of issues in political economy. In articles on the Versailles Treaty. John Maynard Keynes foresaw all too clearly that excessive Allied demands for reparations and indemnities would lead to the economic collapse of Germany. In Keynes's essays on inflation and deflation, the reader can find ideas that were to become the foundations of his most renowned treatise, The General Theory of Employment, Interest and Money (1936). With startling accuracy Keynes forecast the economic fluctuations that were to beset the economies of Europe and the United States and even proposed measures which, if heeded at the time, might have warded off an era of world-wide depression. His views on Soviet Russia, on the decline of laissez-faire, and the possibilities of economic growth are as relevant today as when Keynes originally set them forth.

"The long run is a misleading guide to current affairs. In the long run we are all dead."-John Maynard Keynes, A Tract on Monetary Reform (1923) A Tract on Monetary Reform (1923), by British economist John Maynard Keynes, is a masterly analysis of the world monetary situation at the beginning of the twentieth century. Keynes stated the importance of stable domestic prices and a stable currency for a strong economy, while arguing against the gold standard, which at that time was used for the US dollar and many other currencies. Britain abandoned the gold standard in 1931-after it had re-established it in 1925-and the United States abandoned the gold standard in 1933. A Tract on Monetary Reform is essential reading for anyone interested in Keynes' theories and for students of economics or economic history.

John Maynard Keynes, a British economist, authored the guide "The Economic Consequence of the Peace." The guide was originally published in 1919 and is actually an evaluation of the Treaties of Versailles which completed World War I. Keynes was one of numerous British Treasury participants to the Versailles Peace Conference in addition to his insights are actually based on the personal experiences of his in the Conference. Keynes asserted the treaty's reparations and severe monetary steps on Germany had been far too punitive and would bring about severe economic problems in Europe. He thought that these actions would not simply affect Germany but additionally the economic stability in addition to healing of Europe postwar. Keynes was concerned the sizable reparations could cause an economic collapse of Germany, that may influence the economies of the winning places and furthermore, the majority of Europe. Keynes made several remarkable predictions that were really earlier. Keynes had warned the economic turbulence in addition to hyperinflation that characterized Germany in the 1920s, the rise of extremism and ultimate outbreak of World War II had been partly due to the financial situations necessary for the Treaty of Versailles. The guide is actually significant due to its economic analysis but additionally for affecting economic theory and international policy. Keynes established himself to become a high economist by using this particular function as being a base for his right after, much more well known publication, "The General Theory of Employment, Interest, as well as Money," which basically transformed macroeconomic Theory as well as practice & government economic policies.