The General Theory of Employment, Interest and Money

Distinguished British economist John Maynard Keynes (1883-1946) set off a series of movements that dramatically 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 the day, particularly the proposition that a normally functioning market economy will bring full employment. Keynes' forward-looking work transformed economics from merely a descriptive and analytic discipline to 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.