Keynes mean by this quote from his general theory
Course:- Business Economics
Reference No.:- EM131391870

Assignment Help
Assignment Help >> Business Economics

What does John Keynes mean by this quote from his General Theory? "The ideas of economists and political philosophers, both when they are right and when they are wrong ar emore 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 slaves of some defunct economist... I am sure that the power of vested interests is vastly exaggerated compared with the encroachment od ideas. Not, indeed, immediately, but after a certain interval..." (Keynes, The General Theory, p.383-384)

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Business Economics) Materials
Consider an economy that has two banks with the following information: East Bank: $1600 cash $15,000 DD $2200 Deposit in the Fed $1300 US government bonds West Bank:  Calculat
In an effort to bring inflation down they had set interest rates at 5% in 2018. How should the federal resent react if they desire to bring inflation down to 3%. When will t
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external
The role of Bank Regulation has become increasingly complicated in maintaining “Safety and Soundness” of the Financial System. What is Micro-Prudential Supervision of banking
How has the tightening of consumer credited effected individual spending and in turn the U.S. economy? Has this strategy by the financial institutions helped our economic reco
Suppose the economy of Stockton produces four goods: strawberries, ice cream, sushi, andcoolers. However, consumers only purchase strawberries, ice cream, and sushi. Coolers a
According to The Tax Foundation, an independent tax policy research organization, “the first U.S. state to levy a gasoline tax was Oregon, which enacted a 1-cent per gallon ta
You have just invested a one-time amount of $5,000 in a stock-based mutual fund. This fund should earn (on average) 9% per year over a long period of time. How much will your