Capital and Employment

Capital and Employment

Capital and Employment

Capital and Employment

Excerpt

The primary purpose of this book is to show how explanations of trade depression and unemployment now very widely accepted have been vitiated by certain false assumptions in regard to the relation of credit regulation to the capital market. The second half of the book, composed of Chapters VII. to XI., is devoted to a series of criticisms of recent economic works. While such criticisms are of course meant primarily for those who have read the works criticised, I have aimed at making them intelligible to those who have not, and I should hope that in each case the criticism might serve as an introduction to the views criticised.

I have to thank Mr. Keynes, Professor Hayek and Mr. Harrod for reading Chapters VII., VIII. and XI. respectively and for helping me with their comments (and I must also thank Mr. Keynes for his patience in conducting a lengthy correspondence about his book). But I do not claim any authority other than my own for the interpretations placed upon their views.

Certain portions of my book make some use of mathematical notation. Readers who do not find that form of expression helpful may omit the concluding section of Chapter I. and the note at the end of Chapter VI. without misgiving. Chapter IX.

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