A Summary/Explanation of John Maynard Keynes’ General Theory

A Summary/Explanation of John Maynard Keynes’ General Theory

It may well be that the classical theory represents the way in which we should like our economy to behave. But to assume that it actually does so is to assume our difficulties away.
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The more open our stock markets get, the more speculators predominate, and the worse things get for us. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.
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As a result, it seems likely that the State, which can calculate these things with an eye to the long-term and the social good, will take over more and more of the job of organizing long-term investment. [Şamil: What about the tragedy of the government employee?]
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The owner of capital can obtain interest because capital is scarce, just as the owner of land can obtain rent because land is scarce. But whilst there may be intrinsic reasons for the scarcity of land, there are no intrinsic reasons for the scarcity of capital.
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...the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.