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A Guide to Keynes
Attempts to assist students in the understanding of Keynes' classic economic work, General Theory of Employment, Interest, and Money
- GenresEconomics
237 pages, Paperback
First published June 1, 1953
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About the author
Alvin H. Hansen
60 books4 followersFull name Alvin Harvey Hansen.
Once referred to as "the American Keynes" was a professor of economics at Harvard, a widely read author on current economic issues, and an influential advisor to the government who helped create the Council of Economic Advisors and the Social security system. He is best known for introducing Keynesian economics in the United States in the 1930s. More ...
Once referred to as "the American Keynes" was a professor of economics at Harvard, a widely read author on current economic issues, and an influential advisor to the government who helped create the Council of Economic Advisors and the Social security system. He is best known for introducing Keynesian economics in the United States in the 1930s. More ...
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Displaying 1 - 4 of 4 reviews
July 10, 2019
I think understanding Keynes from his book is really a tough task for the students and for professors as well. Prof. Kurihara once said, "multiplier theory of Keynes is so clumsy that even he can not understand from his own book."
Alvin H. Hansen has done a wonderful job to write this book and provided us with a new look to the theories. He breaks his theory in normal language that anyone can understand.
Alvin H. Hansen has done a wonderful job to write this book and provided us with a new look to the theories. He breaks his theory in normal language that anyone can understand.
December 15, 2020
More of an interpretation than a guide, but useful as a favorable companion to Keynes' GT.
July 11, 2024
A MARVELOUS INTRODUCTION TO KEYNES' "GENERAL THEORY”
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'. 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.'
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'. 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.'
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September 23, 2010A Guide to Keynes by Alvin H. Hansen (1953)
Displaying 1 - 4 of 4 reviews