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Index
Title page
TABLE OF CONTENTS
ACKNOWLEDGMENTS
CHAPTER I-INTRODUCTION
1. Canonization
2. Uses of Refutation
3. A Path-Breaking Pioneer?
4. The “General” Theory
CHAPTER II-POSTULATES OF KEYNESIAN ECONOMICS
1. What Is the Classical Theory of Employment?
2. Wage-Rates and Unemployment
3. No “General Level” of Wage-rates
4. “Non-Euclidean” Economics
CHAPTER III-KEYNES VS. SAY’S LAW
1. Keynes’s “Greatest Achievement”
2. Ricardo’s Statement
3. The Answer of Haberler
4. To Save Is to Spend
CHAPTER IV-OVERTURE
1. “Effective Demand”
2. The Propensity to Consume
3. Derision of Thrift
CHAPTER V-“LABOR UNITS” AND “WAGE UNITS”
CHAPTER VI-THE ROLE OF EXPECTATIONS
CHAPTER VII-“STATICS” VS. “DYNAMICS”
Appendix on “User Cost”
CHAPTER VIII-INCOME, SAVING, AND INVESTMENT
1. Confusing Definitions
2. Why “Savings” Equals “Investment”
3. Saving as the Villain
4. Keynesian Paradoxes
5. Can Savings be Printed?
CHAPTER IX-“THE PROPENSITY TO CONSUME”: I
1. Digression on Mathematical Economics
2. The “Fundamental Psychological Law”
3. Ambiguity of the “Consumption Function”
4. The Meaning of “Saving”
5. The Sinking-Fund Bogey
6. In a Nutshell
CHAPTER X-“THE PROPENSITY TO CONSUME”: II
1. Reasons for Not Spending
2. The Fear of Thrift
CHAPTER XI-“THE MULTIPLIER”
1. The Magic of It
2. Not Fixed or Predictable
3. “Saving” and “Investment” Again
4. “Investment” Means Government Spending
5. Paradox and Pyramids
CHAPTER XII-“THE MARGINAL EFFICIENCY OF CAPITAL”
1. Slippery Terms
2. Interest Rates Embody Expectations
3. Effects of Expected Inflation
4. Does Lending Double the Risk?
5. Confusions About “Statics” and “Dynamics”
CHAPTER XIII-EXPECTATION AND SPECULATION
1. The State of Confidence
2. Fictions About the Stock Market
3. Gambling, Speculation, Enterprise
CHAPTER XIV-“LIQUIDITY PREFERENCE”
1. No “Liquidity” Without Saving
2. Money is a Productive Asset
3. Interest Is Not Purely Monetary
CHAPTER XV-THE THEORY OF INTEREST
1. An “Unsettled Problem”
2. Productivity Theories
3. Time-Preference Theories
4. Combined Interest Theories
5. Real Plus Monetary Factors
CHAPTER XVI-CONFUSIONS ABOUT CAPITAL
1. On Going Without Dinner
2. Saving, Investment, and Money Supply
3. Roundabout Production
4. Abundance Unlimited
CHAPTER XVII-“OWN RATES OF INTEREST”
1. Speculative Anticipations are not “Interest”
2. Impossible Miracles
3. Ought Wages to be Rigid?
4. We Owe Our Lives to Saving
5. Keynes vs. Wicksell
6. “Equilibrium” of an Ice Cube
CHAPTER XVIII-THE GENERAL THEORY RESTATED
1. Economic Interrelationships
2. “Stable” Unemployment
3. The Demand for Labor is Elastic
4. Stabilize Wage-Rates-or Employment?
CHAPTER XIX-UNEMPLOYMENT AND WAGE-RATES
1. Unemployment is Caused by Excessive Wage-Rates
2. Wage-Rates Are Not Wage Income
3. “Elasticity” of Demand for Labor
4. Fallacies of “Aggregative” Economics
5. The Attack on Flexible Wage-Rates
6. Inflation vs. Piecemeal Adjustment
7. A Class Theory of Unemployment
CHAPTER XX-EMPLOYMENT, MONEY, AND PRICES
1. An Unproved “Functional” Relationship
2. General Value Theory vs. Monetary Theory
CHAPTER XXI-PRICES AND MONEY]
1. “Costs” are Prices
2. The Positive Theory of Money
3. What Theory of Prices?
4. Another Digression on “Mathematical” Economics
5. “Elasticity” of Demand Cannot be Measured
6. Sacrosanct Wage-Rates, Sinful Interest Rates
7. Monetary Inflation Preferred to Wage Adjustment
8. Those Arbitrary Moneylenders
CHAPTER XXII-THE “TRADE CYCLE”
1. A “Sudden Collapse” of the “Marginal Efficiency of Capital”?
2. When Governments Control Investment
3. The Life of Durable Assets
4. A Policy of Perpetual Inflation
5. More Carts Before Horses
6. Sun-Spots Before the Eyes
CHAPTER XXIII-RETURN TO MERCANTILISM?
1. “Let Goods be Homespun”
2. Running Comment on Running Comments
3. Wise Mercantilists, Stupid Economists
4. The Religion of Governmental Controls
5. Canonization of the Cranks
6. Mandeville, Malthus, and the Misers
7. The Contribution of Mill
8. J. A. Hobson and Major Douglas
CHAPTER XXIV-KEYNES LETS HIMSELF GO
1. Inequalities of Income
2. The Euthanasia of the Rentier
3. Robbing the Productive
4. The Socialization of Investment
5. The “Economic Causes of War”
6. The Power of Ideas
CHAPTER XXV-DID KEYNES RECANT?
1. “The Classical Medicine”
2. The Underlying Contradictions
CHAPTER XXVI-“FULL EMPLOYMENT” AS THE GOAL
1. Is It Definable?
2. Is It Attainable?
3. Is It Unconditionally Desirable?
CHAPTER XXVII-“THE NATIONAL INCOME APPROACH”
1. Is National Income Determinate?
2. Its Dangers for Policy
CHAPTER XXVIII-THE KEYNESIAN POLICIES
1. Do Deficits Cure Unemployment?
2. Does Cheap Money Cure Unemployment?
3. Race with the Printing Press
CHAPTER XXIX-SUMMARY
A NOTE ON BOOKS
APPENDIX A-THE 1919 PROPHECIES
APPENDIX B -AMERICAN ICE CO.
APPENDIX C -COMPARISONS OF MARKET PRICES OF SOUTHERN RAILWAY CO. DEFERRED ORDINARY SHARES
APPENDIX D-INTEREST RATES AND BUSINESS CYCLES
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