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Unpublished Paper
How Keynes' General Theory Enters Economics
(2012)
  • Lester G Telser, University of Chicago
Abstract

Keynes' General Theory contributes to economics by showing how uncertainty affects the economy. Greater uncertainty shortens the duration of commitments, increases the desire for safety, reduces employment especially in durable goods industries, defers replacement of worn-out capital goods and so on. Political remedies ignorant of the causes of greater uncertainty can only increase their adverse effects.

Keywords
  • Uncertainty,
  • Employment,
  • Investment
Disciplines
Publication Date
June 25, 2012
Citation Information
Lester G Telser. "How Keynes' General Theory Enters Economics" (2012)
Available at: http://works.bepress.com/lester_telser/38/