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

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
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
An industry demand curve faced by firms in a duopoly is P = 69 - Q, Where Q = Q1 + Q2. MC for each firm Is 0 (note: Marginal Revenue has twice the slope as the demand curve) H
Elucidate the rationale and the implications of the new guidelines used by the Department of Justice and the Federal Trade Commission for evaluating proposed mergers.
Apple and Samsung are competing in a duopoly. If both companies charge a high price, they each earn $900 million in economic profit. If both companies charge a low price, they
For observational data such as global temperature, stock market prices, un- employment, the most persuasive scientific evidence that one variable causes a change in another is
With the help of appropriate figure, explain the conditions for Pareto efficiency. Show how the Utility Possibility frontier (UPF) can be derived from the Pareto efficient all
Suppose that Canada wants to subsidize production from capital. Production is given by Y = A * K^α * L^1−α. The market for labor and capital is competitive, and producers do n
How many dollars must you spend to acquire the amount of yen required? This is a swap currencies and the company have to pay 1 million in 6 months. you can find this exercise
Suppose that demand for a product is Q=140-6P and supply is Q=2P-20. Furthermore, suppose that the marginal external damage of consuming this product is $4 per unit. Does it r