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The Birth of Full Employment

In: Full Employment: A Pledge Betrayed

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  • John Grieve Smith

Abstract

The publication of Keynes’.General Theory (The General Theory of Employment, Interest and Money) in 1936 marked a turning point in the debates about the causes of unemployment and the conduct of economic policy: within little more than five years Keynes’. ideas had become the basis of postwar economic policy. The book itself was intended for his fellow economists schooled in classical theory. Its aim was to put the ideas which he had been developing in policy debates into more rigorous theoretical form and show why existing theory failed to explain the existence of mass unemployment. In Keynes’ words, ‘the ideas which we have expressed so laboriously are extremely simple and should be obvious. The difficulty lies, not in the new ideas, but in escaping from the old ones’.1

Suggested Citation

  • John Grieve Smith, 1997. "The Birth of Full Employment," Palgrave Macmillan Books, in: Full Employment: A Pledge Betrayed, chapter 3, pages 35-55, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37238-2_3
    DOI: 10.1057/9780230372382_3
    as

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