Publication

"The General Theory of Employment, Interest and Money" is credited with creating the terminology of - and indeed shaping - modern macroeconomics. It seeks to bring about a revolution, commonly referred to as the "Keynesian Revolution", in the ways economists think - especially in relation to the proposition that a market economy tends naturally to restore itself to full employment after temporary shocks. Regarded as the cornerstone of Keynesian thought, the book challenges established classical economics and introduces important economic concepts such as the consumption function, the multiplier, the marginal efficiency of capital, and the principle of effective demand.