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Classical economic theory that assures full employment is described. In contrast, the first major theoretical work of John Maynard Keynes, A Tract on Monetary Reform, is discussed in detail. Keynes concluded that a national economy needs monetary policy.

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The Classics and Keynes in the 1920s

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  • 发表日期：

    2026年

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  • John F. McDonald

摘要

Classical economic theory that assures full employment is described. In contrast, the first major theoretical work of John Maynard Keynes, A Tract on Monetary Reform, is discussed in detail. Keynes concluded that a national economy needs monetary policy.