- Paperback: 237 pages
- Publisher: McGraw-Hill Customer Service; No Earlier Edition Stated edition (1 Jan 1953)
- Language English
- ISBN-10: 007026046X
- ISBN-13: 978-0070260467
- Product Dimensions: 20.8 x 14.7 x 1.5 cm
- Amazon Bestsellers Rank: 350,741 in Books (See Top 100 in Books)
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Product Description
Synopsis
Attempts to assist students in the understanding of Keynes' classic economic work, General Theory of Employment, Interest, and Money.
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3 of 4 people found the following review helpful
Wonderful Complement to The General Theory
19 Nov 2003
Format:Paperback
For those students reading Keynes's General Theory who are having a tough time, Hansen's book provides a clear explanation of Keynes's points broken down into a chapter-by-chapter detail. Furthermore, Hansen points out where Keynes was mistaken. Fifty years after it was written Hansen's Guide still continues to be a wonderful complement to The General Theory.
A MARVELOUS INTRODUCTION TO KEYNES' "GENERAL THEORY"
6 Mar 2012
Format:Paperback
Alvin Harvey Hansen (1887-1975) was a professor of economics at Harvard, who helped create the Council of Economic Advisors and the Social Security system. He wrote in the Preface to this 1953 book, "The aim of this book is to assist, and induce, the student to read The General Theory Of Employment [ By: John Maynard Keynes ]. Too often nowadays one reads a good deal of the literature ABOUT Keynes but little in the General Theory itself... It is the purpose of this volume to serve, so to speak, as a tutorial guide."
He notes that Keynes argued that unemployment was due to inadequate aggregate demand. Demand determines employment, and employment determines the real wage (Pg. 21-22). Keynes argued that workers are, within limits, willing to accept more employment at the current "money wage rate," even if this brings about lower "real wage rates" due to inflation, etc. (Pg. 23) However, Keynes in one place stresses the point that "employment is not SIMPLY a function of changes in Aggregate Demand." (Pg. 192)
Keynes argued that the Trade/Business Cycle (i.e., the cycle of "booms" and "busts") was "mainly due to the way in which the marginal efficiency of capital fluctuates." (Pg. 207)
Hansen admits, however, that "Keynes never faced up to the debt problem... He never explored the implications of a growing public debt, the problems of debt management, or the important role of public debt as a means of providing adequate liquid assets in a growing economy." (Pg. 219) Hansen notes that Keynes was opposed to a system of state socialism. "Nevertheless, the role of the State must, he thought, be greatly increased." (Pg. 221)
This book, though nearly 60 years old, is still an extremely useful guide to interpreting Keynes' 'General Theory.'
He notes that Keynes argued that unemployment was due to inadequate aggregate demand. Demand determines employment, and employment determines the real wage (Pg. 21-22). Keynes argued that workers are, within limits, willing to accept more employment at the current "money wage rate," even if this brings about lower "real wage rates" due to inflation, etc. (Pg. 23) However, Keynes in one place stresses the point that "employment is not SIMPLY a function of changes in Aggregate Demand." (Pg. 192)
Keynes argued that the Trade/Business Cycle (i.e., the cycle of "booms" and "busts") was "mainly due to the way in which the marginal efficiency of capital fluctuates." (Pg. 207)
Hansen admits, however, that "Keynes never faced up to the debt problem... He never explored the implications of a growing public debt, the problems of debt management, or the important role of public debt as a means of providing adequate liquid assets in a growing economy." (Pg. 219) Hansen notes that Keynes was opposed to a system of state socialism. "Nevertheless, the role of the State must, he thought, be greatly increased." (Pg. 221)
This book, though nearly 60 years old, is still an extremely useful guide to interpreting Keynes' 'General Theory.'
A great companion to reading "The General Theory"
27 Dec 2011
Format:Paperback
This book is a mostly favorable "study guide" to the General Theory written by Keynes. This book isn't for the timid, it's quite a difficult book but no more difficult than the classic it is trying to analyze. The author lists the important concepts of GT and the economic pioneering that Keynes achieved in his amazing career. In summary, if you are looking for guidance in understanding Keynes, this book is a valuable use of your time.
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