Description

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The General Theory of Employment, Interest, and Money is widely regarded as Keynes' magnum opus, and it is largely recognised with establishing the terminology and structure of modern macroeconomics. It was published in February 1936 with the goal of bringing about a "Keynesian Revolution" in the way economists thought, particularly in connection to the idea that a market economy will spontaneously restore full employment following temporary shocks. The book challenged conventional classical economics and presented significant concepts such as the consumption function, the multiplier, capital's marginal efficiency, the notion of effective demand, and liquidity preference. It is widely regarded as the cornerstone of Keynesian thought.