The Birth of Full Employment

John Grieve Smith

Chapter 3 in Full Employment: A Pledge Betrayed, 1997, pp 35-55 from Palgrave Macmillan

Abstract: Abstract The publication of Keynes’.General Theory (The General Theory of Employment, Interest and Money) in 1936 marked a turning point in the debates about the causes of unemployment and the conduct of economic policy: within little more than five years Keynes’. ideas had become the basis of postwar economic policy. The book itself was intended for his fellow economists schooled in classical theory. Its aim was to put the ideas which he had been developing in policy debates into more rigorous theoretical form and show why existing theory failed to explain the existence of mass unemployment. In Keynes’ words, ‘the ideas which we have expressed so laboriously are extremely simple and should be obvious. The difficulty lies, not in the new ideas, but in escaping from the old ones’.1

Keywords: Interest Rate; International Monetary Fund; White Paper; Real Wage; Full Employment (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37238-2_3

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DOI: 10.1057/9780230372382_3

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