The Key Contributions to the Macroeconomic Theory Made by John Maynard Keynes
This means unemployment due to our discovery of means of economising the use of labour outrunning the pace at which we can find new uses for labour.
The Keynesian Revolution developed because Keynes’ ideas were rather simple to understand, but they threw light on many economic questions, and provided new perspectives for their interpretation. Although Keynes promoted the capitalist vision of the economic development, many researchers found that the author’s ideas are correlated with the communist ideas, and this approach changed the general understanding of the economic theory in the West World (Tily 2007). On the one hand, Keynesianism became the leading economic movement related to the theory of the economic analysis in the twentieth century. Moreover, Keynes’s ideas were implemented in practice in the United States in the form which did not promote the communist ideas but supported the capitalist ones.
Keynes, J. 2006, General theory of employment, interest and money, Atlantic Publishers & Dist, London.
Krugman, P. 2006, Introduction by Paul Krugman to The General Theory of Employment, Interest, and Money, by John Maynard Keynes. Web.
Laidler, D. 1999, Fabricating the Keynesian Revolution: Studies of the Inter-war Literature on Money, the Cycle, and Unemployment, Cambridge University Press, UK.
Schumpeter, J. 2003, Ten great economists, Routledge, London.
Tily, G. 2007, Keynes’s General Theory, The Rate of Interest and ‘Keynesian’ Economics: Keynes Betrayed, Palgrave, Macmillan, London.