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Employment Theory

The general theory of employment, interest, and money was propounded by the English economist John Maynard Keynes. This theory holds the distinction of being the foundation of modern macroeconomics. It has given the present shape and terminology to the modern system of studying employment, interest, and also money. It was first published in February 1936, and it brought a revolution in the way economics was understood, taught, and studied. Therefore, it came to be known as the Keynesian Revolution. The Keynesian Revolution has delivered novel ideas with outstanding analysis, systematization, and research. As a result, the modern study of economic science has taken a turn to be more comprehensive, logical, and adaptable.

Contributions

This theory challenged the classical way of studying economics and introduced some very crucial ...

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