John Maynard Keynes

The General Theory of Employment

I. Comments on the four discussions in the previous issue of points in the General Theory, 209. — II. Certain definite points on which the writer diverges from previous theories, 212. — The theory of interest restated, 215. — Uncertainties and fluctuations of investment, 217. — III. Demand and Supply for output as a whole, 219. — The output of capital goods and of consumption, 221.

Economic Possibilities for Our Grandchildren

A monitoring arrangement for a blower in which a heat sensor is placed in the air stream of the blower along with a current carrying resistor, with the sensor arranged a distance from the resistor so that should cooling of the resistor by the air stream cease, a malfunction will be sensed by the sensor and appropriate action may be taken. Also shown is an additional sensor placed next to the resistor which ensures that the resistor is operating and which will provide an indication if for any reason the temperature close to the resistor is not elevated as it should be.

How to Pay for the War

This is a discussion of how best to reconcile the demands of war and the claims of private consumption.

An Abstract of a Treatise of Human Nature.

of the Treatise of Human Nature

Can Lloyd George Do It

As long ago as April 1924 the Nation and Athenaeum opened its columns to a discussion, which remained for some months the principal feature of the paper, on the economic position of Great Britain. A number of our leading economists and industrialists contributed to it, including such men as Sir William Beveridge, Professor Bowley, Mr R. H. Brand, Sir Alfred Mond, Lord Weir, the late Lord Montagu of Beaulieu, the late Sir William Acworth. The starting point of this discussion was the opinion which we had formed that Britain’s post-war economic difficulties lay somewhat deeper than—as was then the fashionable view—the world impoverishment and disorganisation left behind by the war, and that it was essential to meet post-war unemployment by a positive policy of national development.

Am I a Liberal

But this is not the fundamental difficulty. I am ready to sacrifice my local patriotisms to an important general purpose. What is the real repulsion which keeps me away from Labour?

A short view of Russia

These chapters are the fruit of a brief visit to Russia in September 1925 by one ignorant of the language and of the country, but not without experience of the people, and in the company of an interpreter. The occasion was found in the bicentenary celebrations of the Academy of Sciences, once the Imperial Academy of Petersburg, now of Leningrad, at which I represented the University of Cambridge.

The General Theory of Employment, Interest and Money.

Part I. Introduction: 1. The general theory 2. The postulates of the classical economics 3. The principle of effective demand Part II. Definitions and Ideas: 4. The choice of units 5. Expectation as determining output and employment 6. The definition of income, saving and investment 7. The meaning of saving and investment further considered Part III. The Propensity to Consume: 8. The propensity to consume - i. The objective factors 9. The propensity to consume - ii. The subjective factors 10. The marginal propensity to consume and the multiplier Part IV. The Inducement to Invest: 11. The marginal efficiency of capital 12. The state of long-term expectation 13. The general theory of the rate of interest 14. The classical theory of the rate of interest 15. The psychological and business incentives to liquidity 16. Sundry observations on the nature of capital 17. The essential properties of interest and money 18. The general theory of employment re-stated Part V. Money-wages and Prices: 19. Changes in money-wages 20. The employment function 21. The theory of prices Part VI. Short Notes Suggested by the General Theory: 22. Notes on the trade cycle 23. Notes on mercantilism, the usury laws, stamped money and theories of under-consumption 24. Concluding notes on the social philosophy towards which the general theory might lead.

The Collected Writings of John Maynard Keynes. Vol. XXV: Activities 1940-1944. Shaping the Post-War World: The Clearing Union.

1. The origins of the Clearing Union, 1940-1942 2. From Cabinet agreement to White Paper, 1942-1943 3. From White Paper to Joint Statement, April 1943.

Liberalism and Labour

§ A series of articles by the editor of the Nation has brought to the forefront of politics during recent weeks the future relations between the Liberal Party and the Labour Party. So far as the leaders are concerned on either side, we are not yet much enlightened. Nevertheless, Mr Lloyd George has produced the impression that, on terms, he would not decline a working arrangement between the two parties. And Mr Snowden that he, also on terms, would welcome it. Lord Oxford—perhaps wisely—has avoided the issue for the present by occupying his speech with perfervid declarations that no conversations have occurred as yet.