The General Theory of Employment, Interest and Money

Published in February 1936, 'The General Theory of Employment, Interest and Money' by John Maynard Keynes revolutionized economic thought by challenging the classical economic theories of his time.

Keynes argued that total spending in an economy can fail to generate full employment if total savings exceed total investment.

He introduced key concepts such as the 'Principle of Effective Demand,' liquidity preference, and the marginal efficiency of capital.

The book emphasizes the importance of aggregate demand, the role of government in stabilizing the economy, and the interaction between monetary and real economic factors.

Keynes's theories have had a profound impact on economic policy and continue to influence macroeconomic thought and policy to this day.