Like Adam Smith's Book the Wealth of Nations (1776), John

question 1

Multiple Choice

Like Adam Smith's book The Wealth of Nations (1776) , John Maynard Keynes's book The General Theory of Employment, Interest and Money (1936) revolutionized economic thought and remains influential today.However, when references are made to Keynes or Keynesian thinking, most people have one thought in mind: Keynes's belief that the government should play a role in the economy and hire the unemployed when jobless figures rise too high.Although Keynes, like Milton Friedman, supported the notion of self-interest playing a role in the marketplace, he believed that during times of high unemployment, the government had to step in and create jobs.When allusions to Keynes come up today, the role of government intervention in the economy is almost always what the writer or speaker has in mind, for example, "Keynesian myths persist today largely because of the mistaken belief that economic slowdowns are a result of flaws in the free-market system, when in fact they are the result of government intervention." Summary

• A)John Maynard Keynes book The General Theory of Employment, Interest and Money (1936) is still very influential, largely because of its emphasis on the Keynesian thinking.Keynes like Milton Friedman believed that self-interest could regulate market forces even in times of high employment.As one expert expressed it, "Keynesian myths persist today largely because of the mistaken belief that economic slowdowns are a result of flaws in the free-market system, when in fact they are the result of government intervention."
• B)John Maynard Keynes book The General Theory of Employment, Interest and Money (1936)brought about a revolution in economic thinking.Keynes argued--and his idea remains influential to this day--that when unemployment skyrocketed, the government needed to step in and provide assistance by creating jobs.

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