The Keynesian Revolution: Capitalism as a Flawed System, and Ideas for a New Order

By Dr. Fred Glahe and Dr. Frank Vorhies
Edited by Dr. Israel Kirzner and Mike Hassell
Read by Louis Rukeyser

The Great Economic Thinkers Series

2.43 Hours 03/20/2006 unabridged
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John Maynard Keynes (1883–1946) was without question the most influential economist of the twentieth century. His most important work, The General Theory of Employment, Interest, and Money, was published in 1936, and it was widely perceived as offering plausible explanations and solutions for the Great Depression. Keynes suggested that capitalism is vulnerable to instability caused by insufficient consumer demand. He emphasized the reluctance of workers to accept reductions in nominal wages, preventing free market adjustments to unemployment. Based on these and other perceived defects in the capitalist system, Keynes suggested government intervention in the economy, and modern politicians have accepted and applied Keynesian ideas with great enthusiasm. The Great Economic Thinkers Series is a collection of presentations that explain in understandable language the major ideas of history’s most important economists. Special emphasis is placed on each thinker’s attitude toward capitalism, revealing their influence in today’s debate on economic progress and prosperity.

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Summary

Summary

John Maynard Keynes (1883–1946) was without question the most influential economist of the twentieth century. His most important work, The General Theory of Employment, Interest, and Money, was published in 1936, and it was widely perceived as offering plausible explanations and solutions for the Great Depression.

Keynes suggested that capitalism is vulnerable to instability caused by insufficient consumer demand. He emphasized the reluctance of workers to accept reductions in nominal wages, preventing free market adjustments to unemployment. Based on these and other perceived defects in the capitalist system, Keynes suggested government intervention in the economy, and modern politicians have accepted and applied Keynesian ideas with great enthusiasm.

The Great Economic Thinkers Series is a collection of presentations that explain in understandable language the major ideas of history’s most important economists. Special emphasis is placed on each thinker’s attitude toward capitalism, revealing their influence in today’s debate on economic progress and prosperity.

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Author

Author Bio: Dr. Fred Glahe

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Author Bio: Dr. Frank Vorhies

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Details

Details

Available Formats : Digital Download, Digital Rental, CD
Category: Nonfiction
Runtime: 2.43
Audience: Adult
Language: English