Most Helpful Customer Reviews
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15 of 17 people found the following review helpful:
5.0 out of 5 stars
Not only THE economics text..., 22 Jun 2007
This book provided the foundation for most economic policy (in the west at least) through the middle of the 20th century, and as such must be considered among the most important books ever published. It will show the reader why certain decisions were taken, and how we got to where we are. Even if you don't agree with Keynes' theories this is an indispensable guide for anyone who wants to understand government economic policy.
Beyond his importance as an economist however, Keynes was a member of the Bloomsbury group of artists and Bohemians, and that is reflected in his writing. This is no novel, but there are few better written economic texts.
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6 of 7 people found the following review helpful:
5.0 out of 5 stars
A truly great work, but not for the novice, 10 Jul 2009
Just reading the various reviews here, and the conflicting opinions, amply demonstrates that this work is as controversial today as ever. There is some truth in almost all the opinions expressed, yet that is not much help to the prospective purchaser, so rather than give my views on its actual content, might I be permitted an attempt to offer some points as to how useful this book might be for a reader?
It IS a work on economics, it can be considered a great work (even if you do not agree with it) and was very influential, certainly influencing government policies around the world for three decades (and even in 2008/9). But it is a book which even economists approach with some trepidation, and is not a textbook. Keynes advanced his arguments with pure reason; there are but few economics diagrams common to most textbooks, which is partly why the theories initially took a while to be understood. The struggling economics student will do better to look elsewhere, the most familiar model being the diagrammatic (or mathematical) one developed by Hicks, but simplified further in many textbooks.
It is helpful to remember that Keynes was writing during the worst depression in history; over 20% (12 million) of the population unemployed. He was interested in explaining why unemployment might persist (and need not be a temporary aberration from full employment as earlier economists had assumed) and this is perhaps the most important (economic) message of the book. The `money' part is intellectually interesting but not particularly significant, and the `interest' part is highly ingenious though Keynes perhaps devoted too much to it. But, as may be observed from the circles in which he moved, Keynes was an acute intellect, and even the economics is liberally sprinkled with musings, speculations and quasi-philosophical thoughts, which make for slow progress if the reader tries to digest all the implications.
And that leads us on to why some argue the book is mainly philosophical. Within its pages there are clear opinions as to the role of government and, as one reviewer put it, normative (ie judgmental) statements relating to society. Not that Keynes was unique for this among economists, before or since, but there has indeed been much debate as to what Keynes was actually saying at times.
Undoubtedly a great work - whether or not you agree with it - and so worthy of 5 stars. Unquestionably not for a casual reader. Definitely not an economics textbook! I suggest you would need a very good reason to add this to your collection. Perhaps just to have it on the shelf for occasional reference, maybe you are studying philosophy and want to focus on specific sections, or perhaps you like extreme intellectual stimulation. Or maybe you are well versed in economics and now feel ready for the ultimate challenge! For any such reason, this is worth reading if you have the time and inclination.
Perhaps I'll leave the last word to Winston Churchill, which somehow sums up Keynes writing: "If you put two economists in a room, you get two opinions, unless one of them is Lord Keynes, in which case you get three"
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18 of 27 people found the following review helpful:
5.0 out of 5 stars
The basis of modern economic debate, 2 May 1999
By A Customer
While I tend towards the opposing view of Classical economics, Keynesian economics cannot easily be argued away. Keynes' theories are the foundation of our present Federal Reserve system and remain the basis for much of modern economic thought. Definitely a must-read for any aspiring economist.
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