History of Thought
John Maynard Keynes
The General Theory of Employment, Interest and Money
Chapter 1: The General Theory
I shall argue that the postulates of the classical theory are applicable to a special
case only and not to the general case,
4 Feb 2011
Short answers. 5 marks each. Answer three.
1. List three government policies Smith approved of and briefly say why he did.
2. According to Smith, in which European country was the interest rate lowest. Why?
Economics 154-460A !
Mid-term exam !
22 October 2013!
Five marks each!
1. According to Cantillon, what was the ratio of steel to labour in the spring that regulates ne
2. According to Hume, how does very fertile soil in a count
8 Mar 2011
Answer four of the following questions. All questions have the same weight. Make your answers as
complete as possiblebut dont wander.
1. The kinds of ideas Smith developed in the Wealth of Nations are often said to hav
FACULTY OF ARTS
HISTORY OF THOUGHT (HONS.)
Examiner: W. Watson
Associate Examiner: Christopher Ragan
Thursday, April 26, 2012
Instructions: Write your answers in the examination bo
Backhouse: Ch 5:
Absolutism and Enlightenment in Eighteenth-Century France
How many economists are exiled for their thinking these days?
Will Thomas Piketty make Paris the centre of economic thinking again?
What would have solved Frances chronic problems
Backhouse: Ch 4: Science, Politics and Trade in SeventeenthCentury England
Is pamphleteering like having a blog?
How did Bacon and Descartes differ? How were they the same? (What
does Nullius in verba mean?)
Do people today have lives like William Pettys?
Thomas Mun: Englands Treasure by Foreign Trade (1664)
Why was Mun interested in exporting bullion? (What is bullion?)
How does Sir Winston Churchill (which one?) enter the story?
Arent you happy we replaced f with s?
Ch 2: The gen
Backhouse: Ch 3: The Emergence of the Modern World View:
The 16th Century
Medieval views of the world, in which religion, science and mysticism
exist alongside one another Do we still have that?
How do Copernicus, Galileo, Descartes and Newton change thin
7 April 2011
In English or in French, answer the following questions in the booklet youll be given.
Please write clearly.
Keynes book is titled The General Theory of Employment, Interest and Money.
In his theory, how
Keynes: The End of Laissez-Faire (1926)
What is the conflict between individualism and equality? What did Locke, Rousseau,
Hume and Bentham contribute to the discussion?
Rousseau derived equality from the state of nature, Paley from the will
Tuesday, October 2, 2012
Chapter 17: The Essential Properties of Interest and Money
The rate of interest on money is the key limit on I and Y. Why?
What is a commoditys own rate of interest?
People can maintain wealth in many forms
ECON 460 History of Thought
Tuesday, September 11, 2012
Keynes: The General Theory of Employment, Interest and Money
Life in 1936
Fascists and communists up, democrats down
Capitalism was doomed
People argued that civilization was at stake
Lecture 3 ECON 460
Thursday, September 13, 2012
Keynes thinks you are always on the demand curve for labour but difficulty is that you
may be of the supply curve (from Ch2)
Chapter 3: The Principle of Effective Demand
Whats the Z function?Whats the D func
Lecture 4 ECON 460
Tuesday, September 18, 2012
Chapter 7: The Meaning of Saving and Investment Further Considered
Past writers, including Keynes, have not had S = I.Everyone agrees: Saving is the excess
of income over what is spent on consumption. The p
Lecture 5 ECON 460
Thursday, September 19, 2012
Chapter 10: The Marginal Propensity to Consume and the Multiplier
Employment can only increase pari passu with investment. (Pari passu: Latin:
with equal step. Side-by-side, at the same rate as.)
Lecture 6 ECON 460
Tuesday, September 25, 2012
Chapter 13: The General Theory of the Rate of Interest I
What determines r?
What does classical theory say?
R equilibrates real investment and real saving; if they differ r adjusts; Keynes said
this isnt corr
Thursday, September 27, 2012
Chapter 14: The Classical Theory of the Rate of Interest
Check Marshall, Cassel, Carver, Flux, Taussig, Walras: I(r) = S(r)
Self-regulatory process of adjustment which takes place without the necessity for any
Thursday, October 4, 2012
Have to go from effective demand to employment
Determine output to see what employment gives you
If you increase demand for output then you increase demand for labor
Chapter 21: The Theory of Prices
Lecture 10- Tuesday, October 9th, 2012
Chapter 24: Concluding Notes on the Social Philosophy towards which the General
Theory Might Lead
Reluctance to use direct taxation more arises from fear it would reduce saving and slow
the growth of capital. .only
Richard Cantillon (1680-1734?)
Essai sur la nature du commerce en gnral
I.1 Of Wealth
What is wealth? Where does it come from? How is it produced? How
does money t in? Are rivers and the sea land?
I.2 Of Human Societies
Is Cantillon Hobbesian in his view